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EUROPE’S BUSINESS NEWSPAPER 

Saturday May 2 / Sunday May 3 1987 



WIPAC 


d 8523 b 1 Parts for your car [ 


W0RL9 SEWS 

Channel 

ferries 

collide 

Two Sealink freight ferries 
collided in thick fog off Dover 
yesterday. No one was hurt. 

The British-crewed Cambridge 
and the French-crewed St Eloi 
both sustained bow damage but 
were able to sail Into Dover 
At the Zeebrugge ferry 
disaster inquiry in London, 
assistant bosun Marie Stanley 
said it was his job to elose the 
bow doors on the Herald of Free 
Enterprise, but he was asleep 
is his cabin when the Ship cap- 
sized. 

Aircraft impounded 

Customs officers impounded an 
Air Canada airliner, allegedly 
involved in drug smuggling, for 
four hours at Heathrow. It was 
freed after the airline paid a 
£10,000 fine. 

Waterways criticism 

The British Waterways Board, 
responsible for more than 2,000 
miles of inland waterways, has 
been accused of serious 
management deficiencies. Bade 
Page 

Murder police free man 

The man held by Northumbria 
police investigating the mur- 
ders of three schoolgirls was 
released wtihout being charged. 

Mideast talks denial 

Jordan denied Israeli eialmn 
that King Hussein and some 
Israeli government members 
had agreed on terms for an in- 
ternational conference on the 
Arab-Israeli dispute. 

May Day rallies 

May Day rallies were held 
around het world. In Sri 
police fired on crowds defying 
a ban; two people died. Polish 
police broke up pro-Solidarity 
demonstrations in Warsaw, 
Wroclaw and Poznan. Workers 
protested at government aus- 
terity policies in Madrid and 
Athens. Moscow slogans called 
for nuclear arms cuts in 
Europe. Hallies were banned 
in Sooth Africa and none was 
held in Iraq, where unions were 
abolished is March. Page X 

Webster backed for CIA 

The US Senate Intelligence 
Committee voted to back FBI 
head William Webster to 
become director of the Central 
Intelligence Agency. The full 
Senate is expected to confirm 
this. 

Alfomin plea 

President Raul Alfonsin 
appealed to Argentine oppcik 
tlon political parties and groups 
to join a social pact to defend 
democracy. Page 2 

Popular schools pledge 

Popular state schools win have 
to take as many pupils as they 
can accommodate if the Tories 
win the election. Education 
Secreatry Kenneth Baker said. 
Page G 

Coin reform proposal 

The Government plans consul- 
tations on changes to Britain's 
coinage. Smaller versions of the 
5p and lOp coins are possibili- 
ties. Page 6 

Papers to go to court 

The Guardian and Observer 
newspapers are to return to the 
High Court to try to overturn 
injunctions banning publication 
of allegations of MIS mis- 
conduct. Page 4 

Musical closes 

The West End musical Cabaret 
closed after the breakdown of 
talks with the Musician's Union 
over the sacking of five 
musicians for alleged bad play- 
ing and drunkenness. 

Financial Times 

The Financial Times will not be 
published on Monday. 


BBSIISS SUMMARY 

Trade 
figures 
lift pound 

BALANCE of paym en ts current 
account showed an estimated 
£175m surplus in March, raising 
the surplus, for the first three 
months of the year to £825m. 
The last three months of 1988 
showed a £756m deficit: 

The figures co n trib u ted to a 
further strengthening in ster- 
ling's value, triggering Bank of 
England intervention to brake 
the rise. Bade Page 

UK EQUITIES: Prospects of 
an imminent cut in British 
interest rates helped the mar- 
ket to new highs. The FT-SE 
100 index rose 18 points to 
2,068.5, comforts t£y clear of 


Ordinary share 1987 (hourly) 



the previous peak of 2,056.2 
reached on March 24. The FT 
Ordinal; index climbed 14.9 
points to reach a new peak, at 
1,626.9. Page U 

DU PONT, largest US chemical 
group, is to sell its high-density 
polyethylene business and sup- 
porting ethylene production to 
rain Chemical, for $517m 
(£31 lm). Page 12 

BUFERFOS, Danish industrial 
company, is to sell Royster, the 
US fertiliser manufacturer it 
bought in 1984, for an undis- 
closed price. Page 12 

DOME PETROLEUM: Creditors 
have split on the best way to 
protect their interests during 
the struggle for control of the 
crippled Canadian oil and gas 
producer. Page 12 

ITALIAN stock markets* regu- 
lating authority. Const*, has 
agreed a reform package aimed 
at enab lin g Italy to join the 
EEC-projected liberalisation of 
flnnyioial markets. Page 12 

PRICES for young Bordeaux 
vintage wines are falling for 
the first time in more than a 
decade. Back Page 

INDEPENDENT television 
companies have been warned 
by leading advertisers to stem 
spiralling costs or risk losing 
business. Page S 

WOLVERHAMPTON & DUD- 
LEY Breweries has disposed 
of its 5 per cent stake in Vaux 
Group, hotels and breweries 
company, ending speculation 
that it might launch a bid. 
Page 10 

WARDXJE STO REY, plastics 
sheeting and survival equip- 
ment group, failed in its bid 
for Chamberlain Phipps, shoe 
components and adhesive com- 
pany. Page - 

GOVERNMENT is expected to 
decide soon on the level of 
cash support it will give British 
Aerospace to particip ate in 
developing the next generation 
of Airbuses. Bade Page 

BRITISH RAIL and SNCF, 
French state-owned railway, 
are expected to tell Eurotunnel, 
the Anglo-French Channel 
tunnel consortium, that they 
are not prepared to raise their 
financial offer for using the 
tunnel. Page 6 

NABISCO GROUP, biscuit and 
cereal manufacturer, is to dose 
its factory in Bermondsey, 
south-east London, with the loss 
of about 1,000 jobs. Page 6 


MARKETS 


DOLLAR 


New York lunchtime: 

DM 1.7SQ5 
FFr 5JM7 
SFr 1.459 
Y1402 
London: 

DM 1.7795 (1.798) 

FFr 5.95 (6.0) 

SFr 1.46 U.477) 

Y 140.35 (140.6) 

Dollar Index 100-2 (100-5) 
Tokyo dose Y1403 

US LUNCHTIME RATOS 

Fed Funds 7J% 

3-monlh Treasury Bills: 
yield: 5.72% 

Long Bond: 8813 
yield; 8.55% 


GOLD 


New York: Com ex June latest 
5457.9 

London: £45425 (£452.75) 

ChM prfc* efungur 


STERLING 


New York lunchtime *1.671 
London: S1.669 (L6605) 

DM 2,975 (2.985) 

FFr 9.9325 <9.9625) 

SFr 2.4375 (2.4525) 

Y2S4J3 (233.5) 

Sterling index 71L3 (732) 


LONDON MONEY 


3-month Interbank: 
dosing rate 9&% (Mr) 


NORTH SEA OIL 


Brent 15-day May (Argus) 
£18.6 (£18225) 


STOCK INDICES 


FT Ord 1,626.9 (+14.9) 

FT- A All Share L0S2.48 (+0J>%) 
FT-SE 100 2A68.5 (+18-0) 

FT-A long gilt yield index: 

High coupon 8.90 (&92) 

New York lunchtime: 

DJ ind Av 2,297.59 (+1123) 
Tokyo: 

Nikkei 23,680-89 (+406.06) 
ymmrdoy. Back P*o* 


Austria 5c b zt Bahrain Din 0.6W: Baigivm BFr Canada CS1.CO; Cytrnia 
CM 75: Pamnark OKr 9.00: Egypt EGWSj Finland fmk 7.00: Franca FFr 8.60: 
Germany DM 2 20: Graaca Dr 80: Jtong Kong HKH4 India Hup is: inoonaiia 
HD 3,100: iiraal NS 3.80: Italy Ll.flQO: Japan VTOfc Jordan FUa 600: Kuwait 
Fi:a SOO; Ut»non CLSO.O0; Uxwuboutfl IFr 48: Malays* Rift +25: MaxJco 
Pa* 300: Morocco Dh 8.00: NtAirbndi H 3.00: Norway NKr 7 .CO; PhOIppbwa 
F*a 20: Portugal Esc 100; & Arabia flla BJfc Slogapor* SS4.W: S pain m 12ft 
Sn LanVa Hup 30: Swadan SXr 8.00; SwBwrtaad SFr 220: Talwnm NTWft TuiUaia 
Ota QJ00: TwKay LOOK UAE Db U% USA V JMS Bw»ud» 3P-BO, 


Prime rates lifted 
on Fed statement 
over dollar support 


BY OUR FOREIGN STAFF 

LEADING US banks raised 
their benchmark prime lending 
rates to 8 per cent from 7| per 
cent yesterday following the 
confirmation by Mr Paul 
Volcker, the US Federal Re- 
serve Board chairman, that the 
US central bank had been 
tightening monetary policy to 
help support the fragile dollar. 

Earlier in Tokyo Japanese 
short-term money market rates 
fell after the Bank of Japan 
confirmed it was p ushi ng rates 
down on the prompting of Mr 
Yasuhiro Nakasone. the Prime 
Minister, who pledged to cut 
Japanese interest rates during 
his talks with President Ronald 
Reagan. 

However, the Japanese cen- 
tral bank said it had no im- 
mediate plans to cut Japan's 
official discount rate, now 
standing at 2.5 per cent. 

In Washington yesterday the 
White House described as co- 
ordinated the decisions of the 
Japanese authorities to lower 
Japanese interest rates while 
the Fed tightened credit, say- 
ing the decisions demonstrated 
the capacity of the two coun- 
tries to co-operate on economic 
policy issues. 

Mr Marlin Fitzwater, the 
White House spokesman, brief- 
ing reporters following the final 
round of talks between Mr 


US Prime Rate 


top — 

7- 11 lit! 1 Ittttt 

J 1986 4 


1987 



Reagan and Mr Nakasone, gave 
cautions Administration sup- 
port to the actions of the Fed 
in “ snugging " monetary policy 
— a move which contributed to 
yesterday's prime rate rise. 

“We agree with the current 
course of monetary policy," Ur 
Fitzwater said. The Administra- 
tion hoped the rise in interest 
rates would be temporary, he 
said, but the White House hoped 
the Fed move would help to pre- 
serve the gains made against 
inflation. 

Some Administration officials, 
notably Mr James Idler, the 
budget director, have indicated 
that they do not support the 


Fed’s policy. However, the 
White House statement yester- 
day win tend to damp down 
speculation that Mr Volckerts 
move might not have had the 
support of the Administration’s 
main economic-policy makers. 

It provides further evidence 
in particular that the Fed chair- 
man and Mr James Baker, the 
US Treasury Secretary, are not 
at odds about the need to defend 
the dollar. Mr Baker has 
recently said the possibility of 
a further decline in the dollar 
would be counterproductive. 

This, in turn, should provide 
some reassurance to financial 
markets about the determina- 
tion of the US authorities, 
both at the White House and 
the Fed, to defend the currency. 
It will also hearten those in 
the financial markets who be- 
lieve Ur Volcker should be re- 
appointed Fed chairman in 
August They had been con- 
cerned Mr Volcker’s bold and 
unusual statement on Thurs- 
day, thatt he fed was tighten- 
ing monetary policy to defend 
Continued on Back Page 
Editorial comment. Page 8; 
Honey markets. Page 14; 
Lex, Back Page; Record 
Japanese trade surplus, Page 
3; UK trade balance, Bade 
Page; ES-Japan trade, Back 
Page 


Kinn ock in attack over 
Labour Party dissenters 


BY DAVID BRINDLE, 

MR NEIL K3NNOCK, the 
Labour leader, yesterday 
delivered a stinging rebuke to 
those expressing dissent within 
the party during preliminaries 
to the general election. In a 
forceful defence of the decision 
this week to bar Ms Sharon 
Atkin from standi'/, as parlia- 
mentary candidate In Notting- 
ham East he bitterly attacked 
those who substituted what he 
called lurid gestures for 
responribfity to the party and 
to the electorate. 

He told the Wales TUC con- 
ference at Tenby: "I will take 
action. We in This party will 
take action, because we are not 
going to be kicked around, 
jeered at by our enemies and 
misrepresented by the fringes, 
the tendencies, the sections and 
other hassles that hang on to 
the tall of the Labour Party.” 

His remarks, evocative of his 
denunciation of the former 
Labour leaders of Liverpool 
city council at the party con- 
ference in 1985, were seen as a 
deliberate move to assert pub- 
licly his authority and bis 
capacity for strong leadership. 


The departure from a speech 
attacking foe Government's 
record was yell received by 
conference delegates, typically 
middle-of-the-road Labour sup- 
porters who were determined 
to rally behind the party leader, 
who is Welsh, on his -home 
.ground. 

■ Mr Kinnock at no stage 
named Ms Atken, a supporter of 
black sections within the 
Labour Party who was dropped 
as a candidate after calling the 
party racist 

He said it was not an offence 
to continue making a case on 
an issue, as she had done on 
black sections, after losing a 
vote on it at party conference. 
“But it is an offence to make 
that case in a way that damages 
foe party to foe point of bring- 
ing it into public disrepute. 

“If a candidate — a candidate 
—calls the party racist it is not 
just an insult against the people 
of all races in the party who 
have a long record of activity In 
combating racism and struggling 
for racial equality at home and 
abroad; it is not just a 
malevolent, unjust taunt; it is an 


offensive demonstration of 
irresponsibility and incapacity.” 
Labour Party roles were 
gentle and tolerant in requiring 
discipline. However, discipline 
meant putting other people 
before your own enthusiasms. 

Mr Kinnock said: “This is a 
serious, national, democratic, 
anti-racist party, contesting tor 
the power to advance the people 
of our country, not a fun-run 
where anyone can turn up, join 
up and dash off in every direc- 
tion as the whim takes them. 

“This party cannot afford — 
this leader will not accept— foe 
idea that the noises of the self- 
indulgent and unrepresentative 
minority should obscure or mis- 
represent the real message of a 
great majority of the Labour 
movement ana Labour Party." 

He said that to deliver the 
people of Britain, Labour 
needed power; to win power, 
Labour had to show its fitness 
to exercise it, by overwhelming 
those who manifested their un- 
fitness to do so. 

Continued on Bade Page 
Unions and Labour Party, 
Page 9; Roy J enkins attacks 
the Tories, Page 6 


Ratners bids £309m for CES 


BY PHILIP COG GAN 

RATNERS, Britain’s biggest 
jewellery chain, yesterday 
launched a £309m recommended 
offer for Combined 
Stores, the second largest high 
street jeweller, which would 
create one of the country's 
largest retail chains. 

If approved by shareholders, 
it will unite the Ratners, H. 
Samuel, am) Terry chains with 
CES’s Zales, Weir, and Colting- 
woods outlets. The combined 
group would have 922 jewellery 
outlets and 522 other shops and 
a share of the jewellery market 
of between 15 and 20 per cent 
based on its own estimations. 

Woohsorth Holdings, which 
had been widely rumoure d to 
be interested in parts of CES, 
said yesterday It was monitor- 
fog the situation closely. 

Earner merger talks between 
Ratners and CES broke down in 
March after details were leaked 

to the Press. Discussions then 
were centred on Ratners buying 
Just the CES jewellery stores. 

" We weren't prepared to pay 
the £85m-£10Qm being asked,” 
Mr Gerald Rainer, chief execu- 
tive, raid ye^tertlay. 


The new deal will involve 
Ratners acquiring the whole 
CES group, which also includes 1 
Salisbury's, the fashion acces- 
sories chain, Allen's, the 
chemists, Paige, the women’s 
clothing retailers, and travel 
companies. The group also in- 
cludes the 56-store Biba chain 
in West Germany. 

Mr Ratner said yesterday the 
deal would allow Ratners to get 
close to its long-term objective 1 
of 1,000 jewellery stores in a 
single leap. Salisbury’s was an 1 
obvious fit into the group, he! 
said, but CES’s other interests] 
were less compatible. However,' 
the board of Combined English] 
Stores would be staying on to 1 
manage the group and the non- 1 
jewellery interests were “ hig h ly 
profitable and sellable.” 

Ratners estimates its pre-tax 
profits for the 43 weeks to 
January 31 at £22Am— a 92 per 
cent improvement on the pro, 
forma profits achieved in the) 
preceding year. In the current' 
year, sales in the H. Samuel and 
Ratners chain* have so far been 
57 and 43 per cent higher 


respectively than 12 months 
before. 

Goldsmiths, the jewellery 
company recently acquired by 
Swedish stores chain Oriflame, 
yesterday called for the bid to 
be referred by the Office of Fair 
Trading to the Monopolies and 
Mergers Commission. 

Ratners is offering 21 of Its 
ordinary shares for every 20 
in Combined English Stores, 
‘valuing each CES share at 376p, 
‘and lQOp in cash for each pre- 
ference share Full acceptance 
of the offer would involve 
.Ratners issuing 85.7m new 
shares, or 44 per cent of the 
enlarged equity. There is a cash 
alternative of 34L25p per share. 

The board of CES intends to 
Accept the offer in respect of 
the 205m shares. 2.74 per cent 
of foe equity, which it owns. 
Mr Ratner also said he had 
spoken to Warburg Investment 
Management, which owns about 
.46 per cent of CES and 9 per 
*,cent of Ratners. 

Shares in Ratoers dosed up 
Bp at 36Sp and those of CES 
were up 38p at 360p. 

Ratners not yet home and dry. 
Page IS; Lex, Back Page 


CONTENTS 


S. Africa: One for the middle of the 
road — interview with F. W. de Klerk, 
heir apparent to . the President, P. W. 
Botha ~ 8 

Man hi News: Tony Balding, Managing 
Director of Beaver 8 


Editorial Comment: Markets fill a 
vacuum 8 

Unions and the Labour Party: The 
unthinkable is on the agenda 9 

Demonstrations: Marching to the 

media’s tune 9 


Appointments ... 
Bass It Mas ......... 

CamnwlltlB* ...... 

Company Nmms ,~ 
Ecsnunia Diary ... 
European Options 
FT Actuaries 


« 

“W 

12 

to 

11 

IS 

IS 


FT WrU Actuariaa 
Foreign fimfemgss 

Said 

inti Cmnpny Naan 

Loader Pag* .... 
Letters 

Lbs 


M 

M 

12 

12 

8 

» 


London Option* ... 14 

Money Markets ... 14 

Ovmrt* New* .. % 2 

Recent I se cts 10 

Share Infor mati o n 20, 21 

se Dee! moo ...... is 

Stock Markets; 

London 14 


Wall Street . 
Boufoea .... 
UK News; 
General — 
U&our 

linn Trusts .... 

Weather 


13 

13 

3 

7 

1®-1* 

22 


Government 
calls off nuclear 
waste site tests 


BY TOM LYNCH AND MAX WILKINSON 


THE GOVERNMENT yesterday 
abandoned plans to pot low- 
level nuclear waste in shallow 
trenches at one of four pos- 
sible sites around the country. 
This followed public and 
political pressure to do so. 

The Nuclear Industry Radio- 
active Waste Executive (Nirex) 
had encountered strong local 
opposition to test drilling at 
the sites, all in Conservative 
parliamentary constituencies. 
The Government also expected 
strong opposition at a planning 
inquiry, once a she had been 
chosen. 

The proposed rites were at 
KiUdngholme, South Humber- 
side; Fulbeck, Lincolnshire; 
Elstow, Bedfordshire and Brad- 
well, Essex. Mr John Baker, 
chairman of Nirex, said yester- 



day it had recommended that 
foe shallow burial plana 
should he abandoned because 
of revised cost estimates. 

Because of public anxieties, 
he said, Nirex had been forced 
to adopt what he called a “Rolls- 
Royce" solution to the need to 
build shallow depositaries, 
even though some of the en- 
gineering safeguards were not 
technically necessary. 

So the cost of shallow burial 
of low-level wastes was esti- 
mated at about £160m to £200m, 
in present value terms, over 
the nery 50 years. 

This was about foe Bame as 
foe cost of adding the low-devel 
material to wastes with an 
intermediate level of radio- 
activity, and buying both in 
very deep shafts under land or 
foe seabed. 

The Nirex chief denied that 
the body had been pressed by 
foe Government, but it seems 
dear that extensive discussion 
preceded foe formal exchange 
of letters with Mr Nicholas 
Ridley, Environment Secre- 
tary. 

In the Commons yesterday, 
the latter’s assurances that the 
change of policy was motivated 
only by considerations of costs 
provoked derisive laughter 
from the opposition. Its MFs 
broadly welcomed the decision 
but Mr David Clark, Labour 


spokesman on environmental 
issues, said; “The Government 
has only acted in a squalid 
attempt to save itself electoral 
embarrassment." 

It was widely believed that 
foe abandonment of the sites 
was at least partly intended to 
help foe prospects of four Con- 
servative MPs at the next elec- 
tion, particularly those of Mr 
John Wake ham, foe Chief 
Whip, member for Colchester 
South and Malden. 

Sir Bernard Brain e, whose 
Castle Point constituency is 
close to Mr Wakeham's, said 
yesterday that the chief whip 
had “ empowered me to say how 
delighted he is with this wise 
decision," 

At a hastily convened news 
conference yesterday. Mr Baker 
said foe decision to abandon 
tests at foe four possible rites 
would mean about £15m having 
to be written off. However, 
some of the basic research 
work would be useful for the 
investigation of deeper burial 
rites, he said. 

The Government and Nirex 
were careful yesterday to avoid 
giving any hint of where the 
eventual sites for deeper burial 
might be, or even of what 
technology might be favoured. 

The main options are: to sink 
new shafts on land, possibly 
into deep rock formations, to 
adapt abandoned mineshafts, to 
drill under foe North Sea from 
a platform or to drill slanting 
shafts under foe seabed from 
the shore. 

One option being considered 
would be to put the waste 
material into steel canisters, 
which would be sent by 
hydraulic pressure from a shore 
station to under-sea shafts. The 
canisters could be constantly 
monitored, and withdrawn if 
any leakage were detected. A 
more convential solution would 
be to encase the material in 
concrete deep underground. 

No decision is likely for 
several years, perhaps not even 
in foe next Parliament The 
Nirex chief said a deep disposal 
system would probably not be 
in operation until foe next cen- 
tury. 

Meanwhile, intermediate-level 
waste will continue to be stored 
at nuclear sites and low-level 
waste will be buried at Drigg, 
Cumbria. 

Mr Baker said one reason for 
foe changed economics of 
shallow burial was that a recent 
reclassification of wastes meant 
that a substantial amount of 
waste that had been considered 
low-level was now classed as 
intermediate, and so unsuitable 
for shallow burial. 

This meant that volumes 
available for shallow burial had 
become less than envisaged and 
therefore foe unit costs were 
greater. 

Background, Page 6 


winy 

FT 



BHUTAN 

Traditional values and “ gross 
national happiness ’* are as 
important as GNP in this tiny 
mountain kingdom between 
India and China. 

Page I 


FINANCE 

Rolls-Royce names its price. 
Page V 


FASHION 

Today’s Paris fashion message 
speaks with a thousand voices 
rather than just one. 

Page XU 

ARTS 

Theatre in Britain spreads 
international wings. 

Page XIX 


Clocks and watches— a Special 
Report 

Pages XV-XVn 



AIR PARIS 



AIR STRASBOURG 



AIR LYONS 
AIR TOULOUSE 
AIR MONTPELLIER 



AIR LILLE 



A shop intake: 

Up to 210 direct flights a week. 
More destinations and frequ- 
ency to France rfian any other 
airiine. (There are in fad direct 
flights from London to eleven 
major c dies throughout 
France.) 

That indudes London to Peris — 
up to fourteen in afl-eoch way 
per day. 

Another deep breath: 

You am have/ direct to Paris 
from Heathrow, Gafmck 
Stansfed, Birmingham, Man- 
chester, Bristol, Aberdeen, 
Edinburgh, Dublin, Cork 
Shannon and Jersey. That’s a 
pretty comprehensive service. 
It's ako quick but nevertheless 
comfortable. Basically (or 
rather luxuriously) because 
we Ve upgraded Club Class on 
our Londbn^aris route adding 
50% extra seating. 

But then, even Economy Class 
offers not only more fegroom 
but in-flight catering with 
complimentary wine or drinks. 
Just one coll books your flight, 
hafet hire cor 

Air France. Breatfie the words. 


Csalatf your TmalAgaat nr Air fyane*, 158 New Band SMabLoadBaWir OAK 1U0I-4F995TT. 
IMhw jtipotfc 01-7S9237L Uenehmtar. 04*436 3300. Cargo Baofangc QI-W7 28IJ- ftwrtfc 2Q2423. 


Btete 28 Juna-i 26 S)pfan{is£ 

$boMO»2g/im+Sl05&ktttlmC 




I 


Financial Times Saturday May-5 1987 


Taiwan cabinet 


6 


approves more 
tariff cuts’ 


BY ROBERT KING IN TAIPEI 

TAIWAN'S drastic tariffs cuts 
on more than 860 items recently, 
as well as similar cats planned 
on more than 300 consumer 
items, represent only the tip of 
the iceberg, a high government 
official said yesterday. 

According to Ur George Yang, 
recently-appointed director of 
Taiwan's Industrial Develop- 
ment Bureau, the Cabinet has 
approved a far-ranging series of 
further cuts which will phase 
out Taiwan’s policy of protect- 
ing its home industries within 
the next year. 

Tariffs will be cut to between 
zero and 5 per cent on basic 
materials, to no more than 10 
per cent on intermediates, and 
to around 20 per cent for down- 
stream products Ur Yang said. 

a It's a basic principle, of 
course, we're facing a lot of 
bargaining from the various 
industries concerned, but never- 
theless, within a year we're 
going to that level." 

No Industrial products would 
be taxed at more than SO per 
cent 12 months from now, 
except for a few, such as auto- 
mobiles, whose tariff levels have 


already been scheduled by the 
government for specific reduc- 
tions over specified periods. 

Motorcycles, digital telecom- 
munications switches, special 
chemicals, pharmaceuticals, and 
radial tyTes also fall into this 
category. 

"In the future, we’ll foster 
industries using education, re- 
search and development, in- 
formation — including better 
planning — - and financial tools 
such as are used worldwide, 
instead of protectionism,” Mr 
Yang added. 

Taipei has come in for in- 
creased criticism, especially 
from the US, its major trading 
partner, over trade surpluses 
which Taiwan continually 
enjoys while effectively sealing 
off its own markets to imports 
with restrictively-high tariffs 
and even outright bans on some 
products. 

Without such tariff reductions 
and other measures to improve 
trade flow, Taiwan could prove 
to be a major target of protec- 
tionist legislation such as the 
Gephardt amendment passed 
this week by the US House of 
Representatives. 


Dumping of EPROMs has 
stopped, say US groups 

BY LOUISE KEHOE IN SAN FRANCISCO 


US CHIP-MAKERS are agreed 
that Japanese companies have 
stopped dumping EPROMS 
(eraseable programmable read- 
only memory chips) in South- 
east Asia, removing a major 
element of the US-Japanese 
semiconductor trade dispute 
that led to the US placing 
tariffs on selected Japanese 
products last month. 

Intel, National Semiconductor 
and Advanced Micro Devices, 
the three major US manufac- 
turers of EPROMS who together 
filed an anti-dumping suit 
against Japanese semiconductor 
producers last year, all say that 
Japanese EPROM prices have 
risen significantly since the 
sanctions were Imposed. 

“Dumping has stopped. The 
Japanese Government has got 
control over memory chip ex- 
ports," said Mr W. J. Sanders 
m, chairman of Advanced 
Micro Devices. “The trade sanc- 
tions imposed by President 
Reagan have been a success. 

“We have seen a big increase 
in OTders for EPROMS from 
South-East Asia. Our April 
orders exceeded those for the 
entire first quarter," Mr San- 


ders said. 

His remarks followed similar 
comments by National Semi- 
conductor's chief financial 
officer Mr Gary Arnold. He said 
that the dumping had stopped 
and that National believed that 
the Japanese were making a 
sincere effort to comply with 
the anti-dumping aspects of the 
US-Japanese semiconductor 
trade agreement signed last 
September. 

The Industry executives’ com- 
ments reflect rising optimism 
In Silicon Valley that the US- 
Japanese trade pact will even- 
tually work. That optimism Is 
tempered, however, by suspi- 
cious that the improvements 
may be only short term. 

Taking a more cautious view, 
Intel agreed that dumping had 
eased, but said “ It is too soon 
to tell whether this represents 
a long term trend.” 

US trade officials are also 
cautious. It will be mid-May 
before semiconductor price 
date for April is complete, they 
said. Only at this point can 
an official determination be 
made on whether dumping has 
ceased. 


Alfonsin calls for ‘social 
pact 9 to defend democracy 


BY TIM COONE IN BUENOS AIRES 

PRESIDENT RAUL ALFONSIN 
passionate 


yesterday made a 
appeal to opposition political 
parries and the trades unions in 
Argentina to agree on a “ social 
pact." He said this was the 
only way the country’s demo- 
cracy could be consolidated and 
protected. 

This was President Alfonsin's 
first public statement since the 
Easter military rebellion by 
army officers and it underlines 
his concern that he may face 
a further challenge from the 
military over the unresolved 
issue of human rights trials. 

Opening the new session of 
Congress, Mr Alfonsin said 
Argentina was "In a transition 
to democracy” and this meant 
the political parties had “an 
historic responsibility which 
transcends any electoral period 
or term of government.” The 
responsibility, he said, was to 
"reconstruct a country which 
has lost its direction." 

Government, trades union and 
business leaders have been 
locked in negotiations over the 
past two weeks to lay the basis 
of a political and economic 
accord but have failed to agree. 


Proposals by the industrialists 
and trade unions, supported 
by the Labour Ministry, are 
diametrically opposed to the 
policies pursued by the 
Economy Ministry, especially 
the price and wage freeze and 
tight monetary controls. Details 
have still not been released on 
a genera] wage increase that 
was approved last week against 
the wishes of the Economy 
Ministry. 

President Alfonsin made only 
oblique references to the 
Easter rebellion in his speech 
controversial issue of possible 
legislation aimed at absolving 
and avoided mentioning the 
junior officer rank from respon- 
sibility for abuses committed 
during the military junta of 
1976-83. 

Attempts to reach a political 
consensus on the issue with the 
opposition Peronists have failed 
as inded they have within the 
ruling Radical Party. One lead- 
ing radical Senator said there 
existed “deep divisions” within 
the party over the issue. 

It was the trials of junior 
and midle ranking officers that 
sparked the Easter rebellion. 


Swedish bid 
‘favoured in 
Australia 
sub deal 9 

By Our Foreign Staff 

KOCKUVS AB. the Swedish 
shipbuilding company, re- 
mained silent yesterday about 
reports from Australia that 
key parliamentary commit- 
tees have decided it should 
be awarded the $2.7bn con- 
tract for six new submarines. 

The Australian Cabinet Is 
due to decide this month 
whether to award the con- 
tract to Kockums or to 
Howaldtswereke - Deutsche - 
Werft (HDW) of West 
Germany. 

Australian Labor Party 
sources said both the commit- 
tees had endorsed the Navy'S 
preference for the Swedish 
bid. However, Hr Kim 
Beasley, the Australian 
Defence Minister, has been 
thought to be narrowly In 
favour of the West German 
hid. 

The Labor Party sources 
said the Cabinet would find it 
difficult to oppose the recom- 
mendations of the parlia- 
mentary committees. 

* We will make no state- 
ment,” was all Kockums 
would say. 

The same reports sty the 
committees recommended 
that Rockwell International 
of the US rather than Signal 
of Holland should build the 
combat systems for the new 
submarines 

Funding for US 
embassy in 
Moscow 
opposed 

By Nancy Dunne hi Washington 

THE SENATE Appropria- 
tions Committee, still furious 
about the listening devices 
built into the new US em- 
bassy chancery in Moscow, 
voted on Thursday night to 
stop funding for construc- 
tion. 

The committee demanded 
“prompt and foil reimburse- 
ment” from Moscow for the 
damages, and voted to ban 
the Soviets from occupying 
Its new embassy in Washing- 
ton nntii (he American chan- 
cery Is finished. 

However, the State Depart- 
ment is still considering a 
plan not to destroy the new 
building but to erect a sep- 
arate, smaller office alon- 
side the chancery to conduct 
secret business. 

Meanwhile, the Marines 
have begun court proceedings 
to determine if there is 
sufficient evidence for coart 
martial against Corporal 
Arnold Bncey, one of the 
four marines accused of se- 
curity breaches in the Soviet 
Union. Cpl Braeey has re- 
tracted statements which pro- 
vided critical details about 
the alleged espionage activi- 
ties. Without his testimony, 
there may not be sufficient 
evidence to proceed with the 
prosecution. 

Senate committee 
backs Webster 

The Senate Intelligence Com- 
mittee voted IS — 9 to confirm 
Mr William Webster, current 
head of the Federal Bureau 
of Investigation, as director 
of the Central Intelligence 
Agency, Reuter reports from 
Washington. 

The nomination now goes 
to the fhll Senate, which is 
expected to confirm Mr 
Webster as the replacement 
for Hr William Casey, who 
resigned as CIA director 
because of poor health. 

Soviet pact * will 
boost wheat price 9 

Grain traders yesterday pre- 
dicted that US wheat prices 

would be supported by the 

Soviet agreement to buy 4m 
tonnes of subsidised 
American grain, Nancy 
Dunne reports from Wash- 
ington. 


OVERSEAS NEWS 

Tony Walker previews a brave man’s attempt to stage a Verdi opera in the desert 

Aida comes home to Egypt’s heat and dust 


IT IS a brave man wbo defies 
the laws of artistic temperament 
and Egyptian bureaucracy to 
stage a full-scale opera away 
from an established setting. Yet 
tonight, in Luxor in Upper 
Egypt. Aida will be performed 
in the forecourt of an ancient 
temple on the banks of the Nile. 

Guise ppe Verdi may not have 
approved the result artistically, 
but he would almost certainly 
have applauded the choice of 
venue. The Italian composer 
had in mind the great temples 
of Upper Egypt when he wrote 
the music for Alda more than a 
century ago. 

Verdi, who never visited 
Egypt, could not have envis- 
aged, however, the technical 
difficulties of staging an elabo- 
rate opera in such a grand — 
though primitive — setting as 
the ruins of the Luxor Temple, 
built more an 3,000 years ago. 

“The biggest problem has 
been to create a theatre out of 
nothing.” said Gustavo Fran- 
chetto, spokesman for the Opera 
di Verona. “For sure it’s the 
most diffi cult production we've 
undertaken logistically.” 

British carpenters, an Aus- 
tralian architect, Italian tech- 
nicians from the opera company 
and Egyptian workers have been 
labouring to construct an elabo- 
rate stage, seating for 4,000 and 
facilities for the orchestra. 

They were supervised by offi- 
cials of Egypt’s Antiquities De- 
partment worried about pos- 
sible damage to ancient monu- 
ments. 

Not everything has gone 
smoothly. Egyptian customs held 
up 20 tnones of equipment from 
Italy, including 40 kilometres 
of cable, delaying preparations 
for more than a week. 

“We’ve bad problems with 
people who want a piece of the 
cake,” said Mr Fawzi Metwalli, 
the Vienna -based travel agent, 
rug dealer and merchant who 
is staging Alda to fulfil a boy- 
hood dream. 

Mr Metwalli may now regret 
the impulse. He expects to lose 
Sim on the $10m production. 

He had hoped to sell 35,000 
tickets for the opera's 10-day 
run. He managed to sell less 
than half, and to compound his 
problems, Egypt’s tax author! 
ties are pursuing him. 

Mr Metwalli, by the end of 



Egyptian-born businessman Fawzi Metwalli greets the tenor Placido Domingo on big arrival 

at Luxor 


this week, appeared jaded when 
he faced the Press whom he 
accused of writing negative 
stories about preparations, 
thereby depressing ticket sales. 

But the opera itself promises 
to be a splendid event, even 
though the purists would prob- 
ably find fault with the acoustics 
and the staging. 

Egyptian extras from the 
police academy and from Nubia 
in Upper Egypt have not been 
the most disciplined partici- 
pants in the triumphal march, 
one of Alda’s more dramatic 
sequences. 

Alda, the story of a tragic 
love affair between an Egyptian 
military commander and an 
Ethiopian princess, was first 
performed in Cairo in 1871. It 
was commissioned by the 
Khedive Ismail, Egypt’s ruler, to 
commemorate the opening of 
the Suez Canal in 1866. 

Verdi was paid 1.500 gold 
francs for the score, a huge sum 
in those days. It was one of the 
Khedive's many extravagances 


and he ended up bankrupting 
Egypt 

The Opera di Verona, which 
is being paid L3bn (£1.8xn) for 
the production, has brought a 
500-strong company from Italy, 
including dancers, principal 
singers, orchestra, chorus and 

technicians. 

The faflrc* of Italians into 
this small, dusty Upper Egyp- 
tian town has made a big im- 
pact Touts and money changers 
have altered their persistent 
galls of “Hello mister” and 
“ Change money ” to " Buona 
Sera ” and “ Cambio.” 

The uncertain quality of 
Egyptian cuisine has taken its 
toll cm the cast The chorus 
and dancers have had their 
numbers thinned in rehearsal. 
A British worker was sent home 
because it was feared he had 
hepatitis. 

A combination of Italian 
volatility and Egyptian insou- 
ciance has not always produced 
the best results. Producers and 


directors of the Opera di Verona 
have invariably bad to wait 
until “ tomorrow ” for things to 
get done. 

“You know the problem,” 
said tbe fatigued director of 
the chorus. “They always say 
* yes,’ but nothing happens.” 

Somehow, the bits and pieces 
fell into place for the dress 
rehearsal on Thursday, which 
went relatively smoothly except 
for a horse and rider coming to 
grief near the orchestra pit. 

The press rtseH has been a 
rival show in Luxor this week, 
helping to promote contradic- 
tory rumours and an 
atmosphere of fraught expec- 
tation. There has been much 
speculation about the cast of 
notables who might attend. 

Reports reaching Luxor, 
more than 600 kilometres up 
river from Cairo, suggested 
that both Princesses Caroline 
and Stephanie of Monaco had 
been sighted in the Egyptian 
capital along with Elizabeth 


Taylor. Ex-King Constantine 
of Greece was among royalty 
mentioned as possible guests. 
King Hussein and Queen Noor 
of Jordan are said to have bran 
invited by Egypt'* President 

Hoeni Mubarak. 

The organisers .. were not 
saying who might attend among 
prominent figures, except to 
deny rumours that the tenor 
Placido Domingo was thinking 
of pulling out of the opening 
night— he is only doing one 
performance because of the 
heat and dust. 

Opera-goers, who have paid 
between $250 and $750 each, 
will be transported from Cairo 
to the new Luxor Airport by 
Egyptian shuttle. Hotels, in- 
cluding tbe Winter Palace, 
where many of the cast are 
staying, are booked soUd. Nile 
ferries will take care of the 
overflow. 

Security is a concern. Alsa- 
tian “sniffer” dogs have been 
patrolling the area in search of 
explosives. These dogs pro- 
vided an impromptu accom- 
paniment during a rehearsal 
when they started barking, 
apparently at tbe presence of 
a subdued lion in the triumphal 
march procession. 

The authorities fear other In- 
trusions and have closed 
streets surrounding the 
temple. Mosques in tbe area 
have been asked not to use 
their loudspeakers after 9 pm. 

The Opera di Verona was 
chosen to perform Alda because 
of its long association with tbe 
works of Verdi and its ex- 
perience in staging open-air 
opera. “ I hope Tm not sound- 
ing immodest, but tbe Opera 
di Verona has the greatest ex- 
perience and capability for 
open-air performance,” Gustavo 
Franchetto said. 

Organisers hope that a suc- 
cessful performance erf Alda 
will encourage Egypt to allow 
other cultural works to be 
staged at historical sites. The 
British National Theatre Com- 
p&n&is planning a production 
of Antony and Cleopatra at the 
Pyramids in October. 

But Mr Metwalli has' no 
plans to stftge a second Alda 
in Luxor next year. He cited 
cost and difficulty of organisa- 
tion as reasons for saying 
" Once Is enough.” 


Ban deflates S Africa’s black May Day 


BY ANTHONY ROBINSON IN JOHANNESBURG 


A GOVERNMENT ban on rallies 
planned by black trade unions 
ensured that South Africa's 
first legal Hay Day holiday was 
celebrated yesterday 'with far 
less effect than last year when 
2m Mack workers stayed awa y 
from work and mass rallies were 
held around the country. 

Ironically, thousands of white 
miners went to work as normal, 
in protest against what Mr Arrie 
Paulas, the white miners’ union 
leader and Conservative Party 
candidate in the mining con- 
stituency of Carlton ville, de- 
scribed as the Government's 
capitulation to black pressure 
for a Communist-style Labour 
Day. 

While Mack union leaders 
attacked the ban on rallies as 
making a mockery of May Day 
and prepared for two days’ 
undefined “peaceful protest” to 


coincide with next weeks whites- 
only elections, business leaders 
expressed their anger at what 
they, see as the Government’s 
atteifipt to smear Mr Chris Ball, 
managing director of the forme 
Barclay* National Bank. 


The one-man commission of 
Inquiry headed by Mr Justice 
Munnik, former Chief Justice 
of the Cape, was set up at the 
personal command of President 
P. W. Botha. 

- The timing oi the report, one 
The board of the recently w ee k before the elections, is 


re-named First National Bank 
issued a statement expressing 
its “full confidence in, and con- 
tinued support for Mr Ball as 
managing director.” 

Tbe statement was issued in 
response to the finding of the 
Munik Commission that Mr Ball 
kne win advance that a Rand 
100,000 overdraft be granted to 
an Indian businessman in 
January was intended to finance 
newspaper advertisements call- 
ing for the unbanning of the 
African National Congress 
(ANC). Mr Ball continues to 
deny this. 


seen as part of the Govern- 
ment’s campaign to discredit the 
ANC and those in the business 
community, like Mr Ball, who 
in the past have called for 
negotiations with what the 
Government describes as a Com- 
munist-inspired terrorist move- 
ment. 

In a personal statement, Mr 
Ball said: “lam totally opposed 
to violence and therefore can- 
not and do not support ter- 
rorism or revolution or people 
or movements who promote 
them. 

“I believe in negotiation 


reconciliation ... My view is 
that businessmen have a right 
and duty to participate in tbe 
debate on socio-political issues. 

Mr Jimmy McKenzie, senior 
-general manager of the now 
totally South African-owned 
bank following Barclays pic’s 
disinvestment last year, con- 
firmed that the bank had lost 
accounts as a result of the con 
trove rsy raised by President 
Botha's allegations. 

National Party election pro- 
paganda has attacked the white 
opposition Progressive Federal 
Party (PFP) as being soft on 
the ANC and Communism 

The alleged campaign against 
Mr Ball, who carried out a per- 
fectly legal hanking operation, 
is seen as a thinly-veiled attack 
on the PEP'S financial backers 
among the business community 


Moscow celebrations put accent on peace 


BY DAVID BUCHAN IN MOSCOW 


A MULTITUDE of slogans and 
parade floats calling for elimina- 
tion of medium-range nuclear 
mi ssiles in Europe put a heavier 
and more specific accent than 
usual on peace in the traditional 
May Day demonstration in Red 
Square presided over by Mr 
M i khail Gorbachev, the Soviet 
leader, yesterday. 

Demand a constructive an- 
swer to the proposals of the 
Soviet leadership on medium- 
range missiles in Europe,” was 
the none-tooconcise message on 
one float. “No to Euromissiles 


Biassed riot police in tbe 
larger Polish cities snuffed 
out Solidarity attempts to 
stage independent May Day 
marches yesterday. At tbe 
same time General Wojcieeh 
Jarazelsfcl, tbe Polish leader, 
told thousands of official 
marchers that the process of 
democratisation in Poland was 

continuing. 

Mr Lech Walesa in Gdansk 
attended a church service In 


the morning and then issued 
a statement retiterating his 
movement’s demands for civil 
and trade union rights. 

In Warsaw police stopped 
hundreds of people from 
attending a service at St 
Stanlslaw church, which has 
become a traditional 
Solidarity rallying point. A 
few score were detained and 
some received Injuries in 
scuffles with the police. 


acknowledging the orchestrated 
cheers of the passing procession 

Anus control apart, the 
dominant theme of the 

sloganeers was Mr Gorbachev's 
“ perestroika ” or reconstruc- 
tion. One notable slogan had a 
“ perestroishchifc ” (a recon- 
structor) with slogan in hand 
saying " forward.” H was, 
however, sitting on a tortoise, 
and there was the explanation: 
“He does not really want to 
move.” 

Another, almost Tbatcherite, 
slogan was held high by repre- 
sentatives of a factory which 
advertised itself as ha- 


77"* "e for serious negotia- fying to that other red letter chev and his Politburo col- 

mmsm mmm $ mm mmm 


Candidates are selling what they did in the past, not what they will do in the future, Richard Gourlay reports 

Philippines poll campaign revives whiff of traditional politics 


THE WALLS in Manila are 
growing daily thicker with 
pictures of beaming, earnest, 
severe, or heroic political hope- 
fuls for this month’s (May 11) 
national elections. 

Busy teams of the party faith- 
ful scurry about day and night 
pasting up their candidate’s 
posters, often over photos of 
their smiling opponents. 

Indecently dose to dawn, 
while wise folk are sleeping off 
the effects of the previous 
night's viewing o£ countless 
political talk shows, cars cruise 
the streets blaring out a caco- 
phony of catchy but distorted 
campaign jingles. 

Democracy is returning to the 
Philippines. The process that 
began when President Corazon 
Aquino took over from Ferdi- 
nand Marcos in February 1986 
will come to a head on May 11 
when tbe country chooses 200 
Congressmen and women and 
24 Senators. 

With democracy’s return has 
come a whiff of the traditional 
politics that in the past gained 


Philippine elections tile reputa- 
tion of being won by “guns, 
goons and gold.” 

Already at least 37 people 
have been killed In campaign 
violence including three Con- 
gressional candidates and at 
least eight campaign workers. 
Earlier this week a provincial 
police chief was ambushed and 
killed. The official commission 
on elections (COHELEC) has 
taken oontrol of these areas 
listed as political hot spots by 
the army. They are all in tile 
southern island of Mindanao. In 
one area, false voter identifica- 
tion papers have already 
surfaced. 

Not many people have become 

too" 

pine 

fairly tame. Manila's Roman 
Catholic spiritual leader Jaime 
Cardinal Sin, has vaguely 
warned his flock to be on guard 
against a return of traditional 
politics. Far stronger was his 
denouncement of parties advo- 
cating “Godless ideologies," in 

a clear reference to the Parti do 


Ng Bayan (People’s Parly) 
whose candidates include the 
founder of the Communist-led 
New People's Army which has 
fought a guerrilla war against 
the Government for the past 18 
years. 

In a generally issue-less cam- 
paign, candidates and voters 
seem to be most interested in 
showing how they opposed Mr 
Marcos. “They are all selling 
what they did In the past and 
not what they will do in the 
future,” one Filipino analyst 
said. 

Thus, Mr Teofisto Guingona, 
one of Mrs Aquino’s chosen 24 

w Senatorial candidates, last 

excited by this. By Philip, month said in s ummin g np his 
standards, it still remains P° litical programme: n I have 

been hit with truncheons twice, 
hit by tear-gas twice, and 
Imprisoned twice” (during nine 
years of martial law under Mr 
Marcos). 

In post-Marcos Philippines, 
this is the stuff with which 
elections are won. 

The former dictator held the 


• "v*. • > 

\' v y n^V*.**- • 

■A 


skeletons in their cupboards. 

Despite this, many old-time 
politicians seem likely to sur- 
vive the transition. Former 
Defence Minister Mr Juan 
Ponce Enrile’s political imag e 
has had a top-io-toe scrub-down 


Send an Honest Man to the dates will provide the necessary 
Senate," which drips with im- checks and balances, 
plied criticism of his fellow- Even so, no one has the 
candidates. mistake of directly attacking 

her. The last person to do so 


... 

■ . .. 

v 


a - 1 UL liaauu LQ UU DU 

haf 2 811 was ** ^ who opposed her 

courtesy of advertising execu- have campaign for a new constitution 
tives *from MceMckson’s &£**£» SSSSSt »£5 

•to.ta.bm one com. % Sj’cSSaMoTL.d S'S 

?°° . th S°‘r comuda te i - sta r t ed to sock appointed l«ai p U « 23 o“ X 


Mulroney 
scores coup 
on Quebec 

By Robert Glbbans In Montreal 

MR BRIAN MULRONEY. the 
Canadian Prime Minister,- fc» 
scored a political coup by 
reaching broad agreement with 
all 10 Canadian provinces on 
a formula to allow Quebec to 
accept the Canadian constitu- 
tion adopted in 1982. 

A formal federal -provincial 

conference will be held later to 
put the agreement into foil 
legal form. Quebec ha* won 
a limited veto power aver con- 
stitutional change. The removal 
of its traditional veto was the 
main reason for its refusal to 
sign in 1982. That veto was 
always a matter of custom, not 
of law. 

For Mr Mulroney. the agree- 
ment is important and will help 
to restore tbe sagging fortunes 
of his Progressive Conservatives 
in Quebec and elsewhere. 

“ We now have a whole coun- 
try again,” he said after his 
meeting with the provincial 
premiers in Ottawa. 

For the Quebec Premier, Mr 
Robert Bourassa, and his 
federalist Quebec liberals, the 
agreement is also a major step 
and a denial of extreme Quebec 
nationalism. “ We have got the 
power to say ' no ’ when con- 
stitutional change goes against 
Quebec’s interests” he- said. 

Quebec also wins recognition 
as a distinct French-speaking 
society within the Confedera- 
tion, with greater powers over 
immigration, a role in appoint- 
ing judges to the Supreme 
Court of Canada and the right 
to financial compensation if it 
opts . out of federal spending 
programmes. 

The concessions to Quebec, 
though hedged In by conditions, 
have also in many cases been 
extended to the other provinces. 
This was the key to the agree- 
ment. 

AH provinces will have a veto 
over constitutional change 
affecting the House of Com- 
mons, the Senate, the Supreme 
Court and the creation of new 
provinces. There is a commit- 
ment to a future reform of the 
Senate, at present a non-elective 
upper house of the federal 
parliament 


Manila office. 


apart from promises to work officials because they were not 


Mrs Corazon Aquino 


political reins, albeit loosely, 
for so long that few of the new 
administration's Aquino-chosen 
candidates have much public 
record to show the electorate. 
Of those that do have a record. 


for the good of the poor that 
every candidate must espouse — 
then it is to return integrity 
to Philippine politics. 

One of the quirkiest of Mrs 
Aquino’s decisions is her choice 
for one of her candidates of a 
former Natural Resources 
Minister, Mr Ernesto Maceda, 
whom she sacked last year 
after he was linked to allega- 
tions of corruption in bis 
ministry. 


supporting the 
ticket. 


administration 


Undoubtedly, Mrs Aquino's 
personal endorsement has 
boosted the fortunes of some 
otherwise unknown names — a 
clenched hand held high In Mrs 
Aquino’s is one of the most 
prized photographs for a con- 
gressional candidate. 

Even though Mrs Aquino has 
kept a fairly low profile, she 


had strongly backed it, which 
demonstrated how widespread 
her popularity remains. 

By the time electors have 
sifted through over 1,800 Con- 
gressional and 89 Senatorial 
candidates, even the Filipino 
thirst for politics might have 
been quenched. 

But Manila’s walls will not 
stay bare of smiling candidates 
nor will the wags in the coffee 
shops be silenced for long 


T™“z* has not avoided all controversy. Campaigns for the tmsitinn. nf 

One former presidential advi- She has repeatedly said she mayor eovemnr 

ssss S¥SSSS ESSS 


financial times 

Published by the financial Tints 
raavpd Ud.. Frankfort Branch, 
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McOean G.TS. Darner. M.G 
Goman. D.E.P. Painter. London, 
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ggqpp dbje editor; R.A. Harper. 
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WOO Frankfurt am Main l.oR> 
Financial Tunes Lid, 1W7. 
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up white flag in 
Parma ham war 


BY JOHN WYLES IN ROME 

DESPITE the mood of gritty 
protectionism currently grip* 
ping the US Congress, the 
Reagan Administration has run 
up the white flag and lowered 
19-yeapold defences which have 
kept the famous prosciutto 
smoked meat from Parma off 
the American dinner table. 

US Ambassador Maxwell 
Rabb carried the good news to 
the home of the illustrious old 
ham on Thursday, declaring 
without a trace of irony that 
“this courageous gesture" was 
a clear demonstration of 
America’s commitment to free 
trade. 

Also, he might have added, 
of Italian- 'determination to 
overcome a restriction first im- 
posed in 1968 because of the 
presence in ' Italy of swine 
vesicular disease. 

Since then.- the 231-strong 
consortium of Parma producers 
have deployed every possible 
sci entifi c and health authority 
to demonstrate that their prized 
smoked meat can never be vul- 
nerable to traces of the dreaded 
disease. 


American and Italian com- 
mittees of experts have attested 
to its purity, pig - farms, 
slaughter-houses and seasoning 
factories minutely examined, 
and the behaviour of the swine 
vesicular virus Itself microscopi- 
cally studied. 

But Washington wanted, and 
has been granted, so much more 
assurance that it could be said 
that some Parma ham produc- 
tion will in future be regulated 
from the US rather than Italy. 

Slaughter-houses are to be 
modified to American specifi- 
cations, production procedures 
adapted to American wishes and 
the establishments from which 
the processed and duly-cleansed 
pigs will emerge made subject 
to spot inspections by US health 
officials. 

Even, it is said, the size of the 
holes in the mosquito nets 
shielding the seasoning process 
have been fixed in Washington. 

All of which sugests that the 
world can return to a free trade 
regime providing that it em- 
braces “the American way." 


Japan’s trade surplus hits; 
record $9.3bn in March 


BY RICHARD GOURLAY IN TOKYO 


TENSIONS between Japan and 
its trading partners are likely 
to increase after Japanese 
officials yesterday reported a 
record $9.3bn (£5.6bn) trade 
surplus for March, up $l.9bn 
on last year, and also revised 
upwards estimates of the 1986 
trade surplus to $101.4ba 

The surplus on the current 
account rose to $8.25bn in 
March, compared with $7.S8bn 
in February. 

The figures will complicate 
the task of Mr Yasuhiro Naka- 
sone. Japan's Prime Minister, 
who is in. the US trying to 
defuse growing protectionist 
pressure that has already led 
to file imposition of punitive 
tariffs on selected Japanese 
exports. 

Japan V Ministry of Finance 
pointed out that the increase in 
the trade surplus was smaller 
when seasonally adjusted, and 




said the rise was due largely to 
increased exports of cars, elec- 
tronics and machinery to the 
EEC and South-East Asia. 

The record figure for March 
shows little sign of a changing 
trend, as exports year-on-year 
grew by 9.7 per cent in dollar 
terms and imports fell by 22 
per cent US Treasury officials 
have called for an expansion of 
Japanese domestic demand in 
order to suck In more imports 

The revised 1986 trade sur- 
plus of $101. 4bn sets a new 
record, up from the 1985 record 
surplus of $61.6bn. Net capital 
outflow last year rose by $53bn 
to $145bn, mainly due to 
$29bn rise in securities invest- 
ment overseas to SllObn. 

Prem inary figures showed 
unemployment for March at 2J9 
per cent unchanged from Feb- 
ruary. Unemployment last year 
hit a record 2J8 per cent 


t to C and W hopes 
lor Japan telecoms stake 


BY IAN RODGER IN TOKYO 

THE HOPES of Cable and Wire- 
less, the UK international tele- 
communications group, to win a 
big stake in Japan's telecoms 
business received another boost 
yesterday. 

A meeting to negotiate a mer- 
ger between the two consor- 
tiums competing for a licence 
to operate Japan's second inters 
national . telecommunications 
service 1 ended with no notice- 
able progress being made. 

Mr Jonathan Solomon, C and 
W’s director of corporate stra- 
tegy, said: “ We are in a stale- 
mate situation." 

C and W is a leading share- 
holder in one of the group.s 
International Digital Communi- 
cations (XDC), competing for 
the licence. C and W, supported 
by the UK Government, has long 
opposed the merger proposal, 
seeing it as an attempt by the 
Japanese authorities to dilute 
foreign interests in the project. 

Ur Solomon, speaking at a 
press conference, said the meet- 
ing yesterday had succeeded 
mainly in clarifying the wide 
differences between the two 
consortiums on some key issues. 

At a separate press con- 
ference, officials of the leading 
compaines in the other consor- 
tium, International Telecom 
Japan (ITJ),- confirmed the 
difficulties. They said they 


would carry on with themerger 
negotiations for another two 
months, but if there was no 
success by then, they would pro- 
ceed with a licence application 
on their own. They complained 
that ITJ was spending Y50m 
(£215,600) a month while it was 
waiting for a decision. 

The differences between the 
two groups were on two main 
issues. One was equal status for 
the eight leading companies in 
the merged company. EDC be- 
lieves that there would have to 
be a core group of perhaps two 
or three companies with 
authority to run the business 


“Yon can’t have an inter- 
national carrier run by a com- 
mittee.” Mr Solomon said. Some 
ITJ directors are however, 
insiting on equality. 

The other issue was the need 
for a trans-Pacific cable. IDC 
wants agreement to lay a new 
cable to be a preconidtion for 
the merger. ITJ does not be- 
lieve that the market size war- 
rants the construction of 
cable. 

Mr Solomon said that atti- 
tudes within the consortiums 
and within the Japanese 
Government were slowly chang- 
ing, partly as a result of pres- 
sures from the UK and US 
governments. “Serious re- 
appraisals” were taking place. 


Tokyo considers penalties 
against Toshiba Machine 


BY CARLA RAPOPORT IN TOKYO 


JAPAN is considering imposing 
tough penalties on Toshiba 
Machine, a leading machine tool 
maker, following police raids on 
the company's offices 

Toshiba Machine has been 
accused of exporting a restricted 
computer programme and 
numerically-controlled machine 
tools to the Soviet Union. If the 
allegations are proved Toshiba 
Machine executives could be 
sent to jail and the company’s 
exports could be halted for up 
to * year. 

Such a move would be an 
unusual one. It highlights the 
intense pressure felt by the 
Japanese Government to reduce 
trade tensions with Its main 
trading partners. . 

Even so, in Washington, five 
Congressmen have introduced 
a biU to the House calling for 
a ban an all Toshiba exports to 
the US over the -incident. 

They say Toshiba and Kroogs- 
berg, Vapenfabrik of Norway, 
sold the Soviet Union four 
milling machines that made 
advanced submarine propeller 
blades. The blades eliminate 
the noise that enables the US- 
to detect enemy subs. As a 
result, Soviet submarines can 
get within 10 minutes of missile 


flying time from the US coast. 

Toshiba Machine is 50 per 
cent-owned by Toshiba Corpora- 
tion, one of Japan’s largest elec- 
tronics companies. 

According to the Ministry for 
International Trade and 
Industry, the details of the 
punitive action against Toshiba 
Machine have not been decided. 
According to Japanese law, 
executives from the company 
could be jailed for up to three 
years or be fined as much as 
Ylin (£4,500) for selling the 
restricted programme to the 
Soviet Union. 

Miti is investigating the 
allegedly illicit sale of four 
niuneric&Uy-coiitroHed machine 
tools to the Soviet Union by 
Toshiba Machines in 1984. On 
tills matter, it is planning to 
impose administrative sanc- 
tions, which could mean sus- 
pending Toshiba Machine’s ex- 
ports for a year. 

Both Toshiba companies yes- 
terday refused to comment. 

According in government 
officials, Toshiba Machine al- 
legedly filed a false application 
for the export licence of the 
machine . tools and computer 
programme. . .. 


of design’s 
Importance 

By Ralph Atfcfrn 

DESIGN is the most important 
aspect of -successful business, 
Mrs Margaret Thatcher told a 
conference organised by the 
Confederation of British Indus- 
try yesterday. 

The conference, titled Design 
or Decline, was part of a CBI 
initiative launched after the 
Prime Minister's design seminar 
at 10 Downing Street in 
January. 

Mrs Thatcher said Tuesday's 
CBI Industrial Trends Survey, 
showed “a new confidence the 
like of which we have not seen 
for a very long time.” 

She wished the delegates 
success in building on the mood 
of optimism. “If yon succeed, I 
flunk it might have quite an 
effect on my chances, too," 

However, she stressed the Im- 
portance of desl^i if companies 
were to compete in world 
markets. 

The CBI is making design 
promotion a priority tins year. 
The campaign will feature 
prominently in the run-up to its 
conference to be held in Glas- 
gow in November. 

The conference was attended 
by about 250 delegates from all 
sectors of business. Other 
speakers included Mr Simon 
Hornby, chairman of the Design 
Council, and Mr John Butcher, 
Under Secretary for Trade and 
Industry- . 


BY FEONA MdEWAN IN-COPENHAGEN 


LEADING advertisers, angry at 
the rapidly rising price of televi- 
sion time, have delivered a 
stern warning to ITV companies 
to stem costs or risk losing 
business. 

The cost of television adver- 
tising has been rising at an 
average of 25 per cent to 30 per 
cent a year for the past two 
years. This, with a slippage in 
viewing figures, has meant 
advertising expenditure declin- 
ing in effectiveness. 

In t he fi rst quarter of the 
year iTVs share of the 
audience slipped three percen- 
tage points in favour of the 
BBC, 


Speaking at the Television *87 
conference in Copenhagen, Mr 
Roger Humm, managing director 
of Ford Motor Company, a big 
television advertiser, told an 
audience of advertisers and 
their agencies that, although 
Ford was committed to tele- 
vision, the high costs were 
causing it to reconsider that 
commitment Since the launch 
of the Ford Granada two years 
ago, the cost of TV advertising 
had risen by 40 per cent 
Mr David Hearn, managing 
director of Smith's Crisps, said 
the effect on “ conventional 
branded business Is enormous," 
This media inflation was deck 


mating the ability of television 
to suport brands. The failure to 
deliver audiences would force 
many advertisers to examine 
more creative ways to spend 
their budgets. 

Various big television ad- 
vertisers— mainly in the fast- 
moving packaged goods sector, 
the backbone of television ad- 
vertising — have already been 
priced out of television and 
have been forced to reduce 
their spending or move to other 
media. 

Speaking for the ITV con- 
tractors, Mr Richard Dunn, 
managing director of Thames 
Television, admitted that pro- 


gramme schedules had been 
wanting. He also blamed a 
change In how the television 
audience is measured, and bet- 
ter weather, for the decline in 
the numbers of viewers. The 
late entry of ITV to all-day 
television was also significant, 
he said. 

Steps were being taken to 
rectify this, though their effect 
could not and cannot be im- 
mediate, said Mr Dunn, “We 
are cutting the wages, doubling 
productivity and reducing film 
crews." Night-time television, 
due this year, would contribute 
valuable extra advertising time, 
he added. 


Enlarged BAe-146 aircraft 
makes its maiden flight 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRITAIN’S contender for the 
fast-growing 100-seat world air- 
liner market— the enlarged 
Series 300 version of the British 
Aerospace type 146 regional jet 
aircraft — made its successful 
maiden flight yesterday at the 
group's Hatfield, Hertfordshire 
factory. 

At the same time, a leading 
US regional airline, Air Wiscon- 
sin, confirmed a $100m order 
for five of the aircraft. The air- 
line has eight of the earlier 
Series 200 version of the 146 in 
service, with another two on 
order. 


The BAe-146 Series 300 is the 
latest version of the highly 
successful four-jet airliner of 
which 65 aircraft are in service 
in the US, Australia, China , 
Indonesia and the UK. 

Nearly 16 feet longer in the 
fuselage than the ori ginal 
BAe-146, this latest version is 
designed to carry up to 100 
passengers in a luxurious flve- 
abreast version. The magimiim 
capacity of the aircraft will be 
up to 120 passengers. 

It will thus be a formidable 
competitor to other existing 
100-seater jet airliners, 


Directorship reform 
given second reading 


BY TOM LYNCH 

A BILL to reform the legal 
framework for non-executive 
directors of companies was 
given an unopposed Second 
Reading in the Commons yester- 
day. 

The Companies (Audit Com- 
mittees) Bill, sponsored by Sir 
Brandon Rees-Williams, Con- 
servative MP for Kensington, 
would require large companies 
to consider at their annual 
meetings the appointment or re- 
appointment of an audit com- 
mittee. 

Shareholders would get more 
information about those stand- 


ing as non-executive directors 
and the directors’ reports of 
companies with fewer than 
three non-executive directors 
would have to say why. 

Although the bill has almost 
no chance of becoming law 
before the general election. Sir 
Brandon was confident that 
there would be time for a stand- 
ing committee at least to begin 
line-by-line consideration of 

No parliamentary opposition 
has emerged, and the chances 
of such a measure becoming 
law in the longer term appear 
to have improved. 


credit cards 

By Hugo Dixon 

Burton, the retail chain in the 
forefront of moves into financial 
services by retailers, is launch- 
ing five in-house credit cards to 
induce customers to use them 
more regularly. 

The cards will be tailored to 
customers of the individual con- 
stituents of the group. There 
will be separate cards for Top 
Shop, Top Man, Dorothy Pert 
kins, Evans and Principles, in 
addition to the existing cards 
for Burton, Debenhams and 
Harvey Nichols. 

Customers will be able to nse 
their cards in any of the group's 
outlets, but they will be branded 
with the name of the customer’s 
favourite store. Different cards 
will also cany differing fringe 
benefits. 

For example, the Dorothy 
Perkins card will give custo- 
mers the right to £5 of acces- 
sories for every £40 spent with 
the card. The group has already 
issued 2.5m credit cards. 


Tin ruling reserved 

A HIGH COURT judge yester- 
day reserved judgement on the 
application by Ma c laine 
Watson, a London Metal Ex- 
change trader and £6m credi- 
tor of the insolvent Inter- 
national Tin Council, for the 
appointment of a receiver of 
the ITC. 






i J . -t — .i 




WiRiam Pin ike Younger reduced ike National Debt from £240 million 
in J786to£10millianui 1798.MulLenswerebrokers to the Commissioners who advised Pitt. 


Rouv «K Pitman guided their clients through the Kaffir Market that came dose to 
collapse in the Boer War : (And shared national relief at news of Mafeking’s Relief in 1899.) 


WE EXPECT TO GIVE 
JUST AS SOUND ADVICE 
OVER THE NEXT 200 YEARS. 


JNlIS N EEDISU rOK ; 

liSSIVE REBUILDIN 



jg.-A .j ^ ***•• • • ” “ “ ' ; % .f{ 

| p ” ' ' V' ^ v ■ ■ ■■ p ■.*■ t ^ jf‘j 

Rebuilding a tier the Second World W ar demanded intemanonal loans of 
irndrearm-of sire. Warburgs se: up networks that helped make these impossible loans possible. 


Our pedigree in investment management is 
perhaps the finest ever. 

Mullens, as stockbrokers, were official brokers to the 
British Government from 17S6. 

The Rowan name comes from Rowe & Pitman, 
stockbrokers since 1894, and Mercury from Warburgs, 
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Now; at 33 King William St, London EC4, were pooling 
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4 


i 

i ... 


Financial Times Saturday May 2 1987 

UK NEWS 


Richard Evans and John Hunt report on the prospects of the political parties fighting for control in the Isle of Wight and Somerset 

roken pavements could prove stumbling block for Libera 


‘"THE LIBERAL PASTY, 
which once practised pavement 
politics, now finds itself in the 
position where there is no town 
in the Isle of Wight where you 
can go without breaking your 
ankle." 

This is political hyperbole, of 
course. It comes from the 
Labour Party agent on the 
island, the holder of one of the 
less high-profile jobs in politics. 
However, it illustrates the diffi- 
culties the Liberals are facing. 

From a position of poor 
second prior to Mr Stephen 
Ross's sensational parliamentary 
victory in 1974 in what had been 
regarded as impregnable Tory 
territory, the Liberal Party has 
risen to become the political 
establishment. 

It took over Medina district 
council, which covers the north 
of the island, in 1979 and cap- 
tured the Isle of Wight county 
council two years later. Only 
South Wight district council re- 
mains in Tory hands. 

However, the party has had 
to pay a price for Its successes. 
It is being blamed for the 10 
per cent county rate increase, 
although Medina rates have not 
been raised, for poor roads and 
parking problems, for contro- 
versial planning proposals and, 
ironically, for broken pave- 


ments. It is not always easy 
to blame all the problems on 
the cut in funds from central 
government. "There is no doubt 
that we are In power and axe 
there to be shot at,” says Hr 
Ross. 

For the first time in years, 
optimism has returned to the 
battered area Conservative 
Party, and the Liberals admit 
they are on the defensive in 
some seats. Mr Bill le Breton, 
a district and country council- 
lor and Alliance county councils 
liaison officer, says: "We are 
going to have a very tough fight 
indeed. We have given great 
value for money, but it has 
been difficult running a coun- 
cil for eight years at a time of 
severe national cutbacks In 

government spending." 

The contests next Thursday 
in Medina and South Wight 
will give a substantial pointer 
to the outcome of the general 
election vote. Mr Ross, a popu- 
lar and conscientious MP, re- 
tained the seat in 1963 with 8 
diminished majority of 3,500, 
However, be Is standing down 
this time and the Conservatives 
see an opportunity of winning 
back a seat they believe to be 
rightfully theirs. 

They have grounds for some 
optimism. £u a county by- 



election last June a seat in 
Cowes was captured by the Con- 
servatives with a awing of 23 
cent. It was their first by-elec- 
tion triumph in years and was 
followed in December by a near 
miss in another county by-elec- 
tion. In March, a third by- 
election gave the Tories another 
victory with a 14 per cent swing 
against the Liberals. 

Miss Anne Wotton, the Con- 
servative agent, says: "We 
think things are going our way 
for the first time In a very long 
while.” We feel that the 
islanders have really had 


enough of the Liberals." 

The Tories claim that the 
Liberal admlnstration is waste- 
ful. fails to consult properly on 
developments and has neglected 
tourism. The Liberals claim 
that rates are appreciably lower 
in Medina than in South Wight 
and that Medina has invested 
more in job creation. Unem- 
ployment at more than 17 per 
one of the highest rates In the 
per cent in the off season is 
south. \ 

South Wight, which, only a 
few months ago looked vulner- 
able to the Liberals, should 
stay Conservative. There are 12 
Tory councillors, seven inde- 
pendents and five Liberals. 

Interest therefore lies In the 
contest for Medina, which the 
Alliance holds with 21 seats (20 
Liberals and one Social Demo- 
crat) to the Conservatives’ ten, 
and the five independents. 

A year ago, the Liberals 
would have expected to increase 
their majority with ease hut 
now they are less confident- 
They could still capture some 
Conservative seats but they 
could lose more. 

The key probably lies in 
Hyde, the port and resort served 
by the ferry from Portsmouth 
and hovercraft from Southsea. 
All three seats in Hyde Hast 


were held by the Conservatives 
in 1983. One of these was 
retained by only 10 votes by Mr 
Ian Morgan, the Conservative 
leader on the council, who 
declines any contact with the 
media. Another is held by Mr 
John Adams, a renegade Con- 
servative who is standing this 
time as an independent. 
Attempting to unseat him is Mr 
John Ritchie, the flamboyant, 
cowboy-hatted official Conserva- 
tive, who Is a Ryde garage 
owner and a county councillor. 
The Tory vote could be badly 
split and the Liberals also 
believe they could capture Mr 
Morgan's seat 

In Ryde West all three seats 
are held by the Liberals, but 
the Conservatives believe these 
could be vulnerable because of 
the impact of local issues. 

In particular, they argue that 
the beaches of the north are 
In a poor state compared with 
those in the Toxy-run south of 
the island. There Is also criti- 
cism of a council-backed shop- 
ping development in nearby 
Newport, which local people 
fear could take trade away 
from Ryde. The key decision to 
go ahead with the project was 
made this week when the 
council voted 18-9 to sell to 
the developers the portion of 



L - 






John Ritchie: Flamboyant official Conservative candidate 2m 
Ryde 


and it owns. Ryde Liberals 
opposed the move. 

Elsewhere the Liberals appear 
to be bolding their position. 
Canvassing on a mixed private 
and council estate at North- 
wood, south of Cowes, this 
week showed that Mr Roy 
Wigley and Mr Eric FIckford, 
the Liberal candidates, who are 
both employed at nearby Park- 
hurst Prison, were well received. 
There was no discernible move 


either to the Conservatives or 
to Labour. 

Politics on the Isle of Wight 
is a serious affair and antagon- 
isms can be fierce. Local roots 
matter, and election literature 
sometimes goes to bboare 
lengths to establish that a can- 
didate's parent still lives on 
the island or that his wife’s 
aunt was bom there. 

Tactical voting since the mid- 
1970s has devastated the local 


Labour Party, which lost Its 
last representative on any 
Island local authority in 18gi. 
In the last general election the 
party, fielding a Militant sup- 
porter, scored 1,800 votes or 
2.4 per cent of the poll. 

Mr Robert Jones, the Labour 
agent, retains a remarkably iry 
sense of humour in tbe circum- 
stances and believes that with 
the perceived growing unpopu- 
larity at the Liberals, the pat- 
tern could be changing- 

Labour is putting up only 
one candidate In the deeply 
hostile territory of South 
Wight. However, It is fielding 
10 in Madina, including Mr 
Ken Pearson, its new moderate, 
parliamentary candidate, who Is 
a financial planning consultant 
in the City. This would cut 
into the Liberal vote in areas 
like Cowes, where Labour 
should be strongest. 

Mr Jones Is not convinced that 
the national Labour Party 
machine has improved as much 
as Is supposed. He showed no 
surprise when told that the 
telephone number given for him 
by Labour headquarters in 
London was seven yean out of 
date. “ Oh. that’s nothing. They 
are still writing to a former 
Labour councillor here who died 
eight years ago,** he said. 


Alliance hopes to knock down Tories like ninepins in West Country 


ALLIANCE POLITICIANS in 
the green and gentle county of 
Somerset liken the local elec- 
toral situation to the traditional 
West Country game of ninepins. 

According to Mr Alan Butt 
Philip, a university lecturer in 
European polities and 
economics, the next ninepin to 
fall at the general election will 
be the Conservative-held con- 
stituency of Wells, where he has 
been Liberal parliamentary 
candidate since 1973. 

The theory is that if the 
Liberal/SDP Alliance can take 
Wells, other Tory-held constitu- 
encies in the county will fol- 
low, thus creating a swathe of 
Alliance-held territory in the 
West Country, 

To this end, the Liberals and 
their Social Democrat partners 
are mounting a huge effort in 
the area for next Thursday's 
district council elections. With 
their electoral machine in top 
gear they hoj.e to maintain the 
momentum to sweep on to fur- 


ther gains in a June general 
election. 

These predictions are dis- 
missed as hopelessly optimistic 
by Mr David Heath coat-Amory, 
the Conservative MP for Wells, 
nephew of the late Viscount 
Amory who, as Derick Heath- 
coat- Amo ry, was Chancellor in 
the last Macmillan Govern- 
ment. 

"The Alliance Is whistling in 
the dark to keep its spirits 
up," he says. 

He has been MP for the re- 
constituted Wells constituency, 
which is centred on the ancient 
cathedral city of that name, 
since tbe last general election. 

He has a majority of 6,575, 
52.7 per cent of the vote, while 
Mr Butt Philip came second 
with 39 per cent and Labour a 
poor third with 7.8 per cent. 

Mr Heath coat-Am cry's analy- 
sis is that the Alliance band- 
wagon has rolled as far as it 
can go in Somerset and that 
the present level of Tory sup- 


fi* 


>rt in Wells win remain solid 
a general election. He says 
that the number of Labour 
voters is now so small that even 
if a large number of them 
defected to the Alliance it 
would still not be enough to 
unseat him. 

Nevertheless the Tories have 
suffered a series of unpleasant 


Support will remain 
solid in a general 
election, say Tories 


shocks in the county in recent 
years, as the liberals, later 
strengthened by their Social 
Democrat partners, have relent- 
lessly increased their support 
The first ninepin to fall In 
tiie county was in 1983, when 
Mr Paddy Ashdown won Yeovil 
for the Liberals after the 
veteran Conservative Mr John 


Peyton, now Lord Peyton of 
Yeovil, retired. 

In 1985 came another shock 
when the Alliance gained con- 
trol of Somerset County Council, 
even though it does not have an 
overall majority. The present 
strength is 26 Alliance, 25 
Tories and six Labour. Tbe 
Conservatives have since won 
back a seat in a county council 
by-election. 

The Wells parliamentary con- 
stituency, which stretches up to 
the north coast of Somerset, is 
divided between the two Conser- 
vative-controlled district coun- 
cils of Mendlp and Sedgemoor. 

Sedgemoor Council also over- 
laps a large section of the 
Bridgwater parliamentary con- 
stituency, which is held by Mr 
Tom Ring, tiie Northern Ireland 
Secretary, with a 10,697 majority 
and where the Alliance came a 
good second at the general elec- 
tion. 

The town of Bridgwater has 
always been a Labour strong- 


hold, but in the Sedgemoor 
district elections the party 
seems to have started with a 
home goaL Six Labour members 
have split away to fight as tradi- 
tional Labour candidates against 
their party's official candidates. 
The traditionalists are against 
their party's opposition to the 
possible building of a farther 
nuclear power station at 
Hinckley Point on the coast 
nearby. 

Tbe area of the Mendip 
Council stretches south west to 
embrace a section of the Somer- 
ton and Frome parliamentary 
constituency, which is h£ld by 
Mr Robert Boscawen. formerly 
MP for Wells. He now lias a 
majority of 9,227, 54.4 per cent 
of the vote, while the SDP can- 
didate had 35.8 per cent in 1983 
and Labour only 9.8 per cent. 

The Alliance vision is to con- 
trol eventually a swathe of par- 
liamentary territory across 
Somerset, embracing Yeovil, 
Wells and Somerton and Frame. 


In private, local Conservative 
officials take the threat 
seriously. They are particularly 
worried at the way the Alliance 
has relentlessly built up support 
by continual campaigning on 
local issues between elections — 
the well-known community 
politics strategy. 

“We have got the Tories 
terrified," claims Mr Les Farris, 
the Alliance’s area agent. 

Tourism plays a big part in 
tbe local economy, with the 
attractions of Arthurian Glas- 
tonbury and Cheddar and 
Wookey Hole caves. Somerset 
is one of tbe fastest growing 
areas of tbe country In popula- 
tion and, although farming is 
still important, there are a con- 
siderable number of established 
industries and new companies 
are being attracted to the area. 

The Mendip council at pre- 
sent has 24 Conservatives, 4 
Alliance, 3 Labour and 11 Inde- 
pendents. Sedgemoor has 25 
Conservatives, 11 Labour, 7 


Alliance and 
Independents. 

Ms Alison Bloodworth. sec- 
retary of the Wells Constitu- 
ency Labour Party and the Men- 
dip District Party, is optimistic. 
She maintains that her party 
will make gains because of the 
local disillusion with the Tories 
and says she Is finding a great 


a number of tbe edge of Wells. A succes- 
sion of residents pledged their 
support for the Alliance next 
Thursday and seemed mainly 
influenced by local issues 
Mr BiQ Mackay, the Conserva- 
tive leader on the Mendip 


Six Labour members 
have split to fight 
official candidates 


deal of strong anti-Thatcher 
sentiment among electors. 

The Alliance hopes are 
based on the record number 
of candidates it is putting up. 
It believes that its main sup- 
port comes from the working 
class and this was born out by 
a tour by Liberal canvassers of 
a well-tended council estate on 


Council, is making great play 
with the efficiencies achieved 
by his council under Conserva- 
tive control and compared tbe 
Alliance record in control of 
the county. He points out that 
Mendip 1 s rates have risen by 
only *L5 pence In four yean of 
Tory control, compared with 
53.5 pence for the county rate 
in two years under the Alliance. 

Over the Sedgemoor district 
a seasoned Tory official accuses 
tbe county of “meddle and 
muddle ” since the Alliance 
took over. However, he con- 
cedes that tbe district elections 
and tbe general election could 
be a close thing in this part 
of Somerset. "No seat can be 
called safe nowadays," he flays 
nostalgically. 


CO-OPERATIVE - INSURANCE • SOCIETY • LIMITED I 

GOOD NEWS FOR I 

3% MILLION FAMILIES 


RE SULTS FOR 1986 


otal premium income up by 
100 million to £660 million 
ife premium income up by 
33 million to £353 million 
lotor premium income up by 
31 million to £107 million 
>roperty premium income up 
yy £33 million to £178 million 

nvestment income up by 
£25 million to £257 million 
Increased bonuses on life and 
pension policies 


Extracts from the report 

OF THE CHAIRMAN. 

MRD.J. WISE, TO THE ANNUAL 
MEETING ON 29th APRIL 1987 

I am pleased to report that the Society's 
premium income increased in 1986 by no less 
than £100 million. The premium income in 
1986, at £660 million , was IS per cent higher 
than in 1985, while investment income, at 
£257 million, went up hy 11 per cent 
Tbe premium income for life business 
increased by 10 per cent, while that for non-life 
grew by 28 per cent. This large rise in non-life 
premium income, although a reflection of our 
highly competitive premium rates, was not 
achieved at the expense of profitability, the 
pre-tax operating profit on our non-li& 
business was £13.4 million, compared wit h 
£8.5 million in 1985. Once again, increased 
bonuses have been declared on our life 
assurance and pension policies. 

TNVESTJViENTS 

u Jn vestment income, at £257 million, went 
up by 11 per cent. At the end of 1986 the total 
market value of the in vestments held on behalf 
of our policyholders was in excess of £4,900 

milli on. 

T JFE ASSURANCE AND PENSIONS 


“A large part of the increase in the annual 
premium income on new policies aroee from the 
spectacular growth (by nearly 130 per cent, to 
£8. 7 million) in sales of low-cost endowment 
assurance policies, much of it associated with 
the introduction in June 1986 of our house 
purchase scheme -CIS Mortgage Maker. I am 
delighted that this new service to our 
(mstomers is proving so successful and that this 
success is continuing into 1987. 

I am p/eased to announce further 
impmvementsin our bonuses. In both the 
Ordinary and Industrial sections, rates of 
reversionary bonus have been maintained and 
rates of terminal bon us have been increased. 
Fhr pension annuities the rates of reversionary 
bonus and vesting bonus have 
been maintained whilst the 
rates of terminal bonus 
have been increased. 

The amount of 
surplus applied 
to provide these 
bonuses is 
£196.7 
million. 


" Tbe annual premium income on new 
policies in 1936, at £64. 6 milli on, represented I 
an increase of 11 per cent over that in 1985. f 

The total life premium income in 1986 was 
£352. 6 million. 


#7* 


1980 


1982 


1964 


Motor insurance 

‘The Sodetyb premium income from motor 
insurance increased from £75.4 millio n in 1985 
to £106.8 million in 1986, a rise of 42 per cent 

Our premium rates have remained highly 
competitive in 1986 and the number of vehicles 
insured increased during- the year by 130,000. 
The number of motor car policyholders 
choosing to pay an additional premium in order 
to have their no claim discount protected 
increased from 250, 000 to 315,000. 

' Property insurance “ 

The premium income Gum property 
insurance increased from £144.7 million to 
£177.6 million, a rise of 23 per cent. 

Theft is the most important element in the 
cost of claims on insurances covering household 
contents and the cost of theft claims rose 
sharply in 1986 after showing only a marginal 
increase in 1985. Theft claims on household 
policies cost the Society over £30 million in 
3986, an increase of £4.4 million over 1985, " 


THE C IS DIFFERENCE 


leadW^S ? ° ne of 

helping to protect 5f?Jf?,Sf or j‘ snrer ®* 


is® 4 


[Total premium income i 9764966] 


Cooperative Insurance Society Ltd. 
Miller Street, Manchester M6Q 0AL 


Newspapers will ask High Court 
to remove spy-book injunctions 


THE GUARDIAN and Observer 
newspapers are to return to 
the High Court to by to rid 
themselves of injunctions that 
have for nearly 10 months 
stopped them publishing 
allegations of secret service mis- 
conduct made by Mr Peter 
Wright, the former 105 officer. 

After being told by Mr 
Anthony Lester, QC, for the 
two newspapers, that recent 
events made continuance of the 
injunctions unjustified, Mr 
Justice Scott agreed yesterday 
that applications to set aside 
the orders should be heard on 
Thursday — five weeks in 
advance of the newspapers’ 
appeal to the House of lords 
against the injunctions, fixed 
for June 15. 

Mr Lester said that the 
British Government bad failed 
In its -initial attempt to stop the 
publication in Australia of Mr 
Wright's book Spycatcher. 
Comments by the New South 
Wales judge about the evidence 
of Sir Robert Armstrong, the 
Cabinet Secretary, had put the 
need for tbe injunctions m a 
completely different perspec- 
tive. 

The Guardian and the 
Observer would base their case 
on. transcripts of Sir Robert’s 


evidence. 

The other important new 
factor, Mr Lester said, was pub- 
lication in The Independent the 
Evening Standard and the 
London Daily News on Monday 
of Mr Wright's allegations of a 
plot by senior MI5 officers in 
1974 to remove Mr Harold 
Wilson as Prime Minister. 

Mr Lester said that Sir 
Michael Havers, QC, the 
Attorney-General, had been 
given leave to bring contempt 
proceedings against those three 
newspapers. The information 
had, however, already been re- 
published in other newspapers 
overseas. 

Mr John Laws, for tbe 
Attorney-General, told the 
judge that has was “as anxious 
to resist" the application by 
the Guardian and the Observer 
as theye were to make it. 

Mr William Milltnship, man- 
aging editor of the Observer, 
said after yesterday's brief 
court bearing that this week's 
publication of Mr Wright's 
allegations was the focus of 
great political debate. The 
Observer and The Guardian 
were being prevented by the 
gagging” injunctions from re- 
porting those events freely. 

The Injunctions were iro- 


A us ti n Rover 
expects sales 
rise In Spain 

By Kenneth Gooding, 

Motor Industry Correspondent, 
m Barcelona 

AUSTIN ROVER'S Spanish sub- 
ridiary expects to make a pre- 
rax profit equivalent to £5m 
mis year, on a turnover of 
£110m, to lift car Bales to 15,000 
and take a 2 per cent share of 
the market, said Mr Jacques 
MuUer, managing director yes- 
terday. 

‘ Austin Rover Espafia doubled 
“l® 8 last year, from 4,308 
to 8,50? on chalked up profit of 
£4m. 

The company concentrates on 
sealing cars of high performance 

and specification. i te rapid 

gresa follows Spain's entry to 
the European Community vrinh 
tariff barriers are being 
gradually removed. 

Austin Rover has established 
a network of 200 service paints 
throughout Spain and has 50 
dealers. More than £100m has 

1 “X! s ! ed 111 tte network 
py the local owners in the oast 
said Mr Muller, 
nuring the run-up to the 
Barcelona Motor Snow, which 
opens today. 

The Spalnsh company lost 
Jaguar car import franchise 
in 1984 and is losing its Freight 
Hover van business. Freight 
foror imports are being trans- 
sered toDaFs wholly-owned sub- 
sidiary in Spain. 


posed by the High Court and 
upheld last July by the Court 
of Appeal. 

• Two legal magazines have 
criticised the contempt of court 
moves begun by the Attorney- 
General against three news- 
papers that this week alleged 
MIS officers bad plotted to 
undermine tile Labour Govern- 
ment In 1074. 

Sir Michael’s decision to take 
action against the Independent, 
the Evening Standard and the 
London Dally News over their 
publi cation last Monday of 
extracts from Peter Wright's 
book was “ unwise and unlikely 
to have any beneficial effect," 
aays the Law Magazine. 

The New Law Journal rays 
the Government and its law 
officers should eschew litigation 
“ which inevitably causes more 
dirty linen to grace the natio n al 
washing line " and get on with 
what really matters: establish- 
ing the facts surrounding MIS's 
alleged activities. 

J£ half of what Mr Wright 
allegedly said In his book Spy* 
catcher were true, the journal 
says, “then we have the sort 
of scandal on our hands that 
it Is immeasurably preferable 
we face voluntarily sooner." 


PUBLIC NOTICE 


- Jrotiurtions have been 

SHORT NOTICE AUCTIONS 

PERSIAN, ISLAMIC & EASTERN 
CARPETS, RUGS & RUNNERS 

There are anbcpie Caucasian and Reman nigs oihfeh 

ftSUgSSJSQa* 

OVER TWO SESSIONS 

SUNDAY 3 MAY at 7 PM. 
MONDAY 4 MAY at 7 PM. 

ON VIEW 1 HOUR PRIOR TO SALE EACH DAY 

, *TTHE saleroom of 

RGXBY PLACE, FULHAM, LONDON SYV& 
TEL: 01-381 8558 

vwa along Old Brampton Roadiake fit* 

THIMS; CHEQUE, CASHANDALL MAJOR CREDfT CARDS 





% 









.v ■ . .. • . • 


2 ms? 


Sfset 


Financial Times Saturday May 2 .1987 


-t .. 

r -*-- \v". . ;.s 

^ y. "t ; 

i . ' : • ' 




SUN LIFE WOULD 
LIKE TO POINT OUT 

THE RISK ON 
YOUR PROXY FORM. 


itrv 


Sun Life shareholders have all 
enjoyed an exceptional return on their 
investment over the last ten years. 

Resolutions proposed fay Runic Nominees Limited 

Special Business 

7. To appoint Mr J. M. Middlemas as an additional director 

8. To appoint Mr D. R. G. Marler as an additional director 

9. To appoint Mr M. Rapp as an additional director 


It i. - A 


V. J •• .*• •'•i •» - *1i( 


’ 


Dividends per share have soared 
from 3.1p to w 28.5p. 

3 - '■* That's a 26d% cdmpound growth. 
Easily more than the nearest rival. 

It compares rather well with a 
sector average of 18.6%. 

During the same period, clients 
have entrusted us with funds that 
have swelled from £895.3 million to 
nearly £5 billion. 

Added to that, we’ve expanded 
our portfolio, doing particularly well 
in unit trusts where we’ve won many 
accolades from the financial press. 

A most satisfying performance 
to say the least 

But one shareholder however, is 
still not content 

It seeks to gain a more influen- 
tial role in your company. 

Namely seats on the Sun Life Board 

The Liberty Life Group of South 
Africa is proposing three of its own 


SUN LIFE ASSURANCE SOCIETY pic 


mm 

: v C" < “ ‘ x 


PROXY CARD 

FOR USE AT ANNUAL GENERAL MEETING 13 MAtf 1987 A 


Against 


BewliUkmi proposed by Direct ora 

OrUumvHtiMncv 

1. Ti» iXivtu- tN.-Jm.tino.' rvpun a«J ihc audilrd 

~ ju'iuw. fimtv wui ifVX-d fl iH.Tvmhcr. 

i Hi a- cfca PETEK ,IAME> <.KA-V1 *.u UtiiM'if 

A Ti. ft- i-kvi GEBALH JAME* *111 IJO.lAMlEOM * a Jmxvir 

4 To nMrktt,IHUiMY PEMHEK1QM an j itfrcOiir •' 

S. Tii tv appiiini ftw Mjcvort. MitiiuiKk and Cine.bckxm .xmi 
, jb »hw audimra and in inithumc the duvcmn* m fa ihcir fcmum.taimn 

Special Huvinw . ' 

b. Tu cmpimrr iht- (En.-i.iofr hi allot N.tunikr-> a» If liHPU 1 uf ilur 
Cmnpanics.W 19M5 did nm appfr ihcrvtii 

BCTOiqttoos proposed by Runic Nomtncca Limbed 

special Huwinei* 

t Tii appmnl Mr J M- MnVUerm> j» an adiEllnnal 
H Ti» 3pt> mm Mr I » R C Marler an .UdHii nul dnvtioi 
9 Tu appoint Mr M. Rapp * an addnlnrol djnm<r 


iwo cxcwrtxm 

he Chairman of the Meeting 
■ Pruxy iu uaie fin - me/as on 

kl ar OiikLsmirhs Halt Risjct 
immem i hem if. 

sire your notes to be cast, 
ii m t «■ which mi indication is 
«t ivopmed at the Meeting 

he Meeting i v" and irvett the 
TJiinn. A Pn ixv need nut he a 


Kir A#*uw 


Rw 

main* 

, 



) 






1 


Datedjbe day of W? 

Notes 

I. 7b be effective this proxy must be lodged at tbe address oredeaf oraitbe R&strars Department. 
29 Gresham Street, London EC2V 7HN not less than fortyfigbi hours before tbe time of the 


2 Any at 

3. (Tibet 


a a Corporation, tbapnxxy must 


under its Common Seal or under tbe 


band of an Officer or cuiarmy duty authorised m anting 
4. ht tbe case ofjoint balden tbe tote of tbe senior who tenders a rote ubetber in person or bppmxy 


will be accepted to tbe exclusion of the ioAes of 
be determined by tbe order in umcb tbe names 


fomt holders For this purpose seniority wiU 
on tbe Register. 


HnntnJ fr BaUm * Manefl 


PLEASE TEAR OFF 
BEFORE POSTING 
THE SECTION 
OPPOSITE 


YOUR DIRECTORS 
UNANIMOUSLY 
RECOMMEND THAT 
YOU VOTE AS 
INDICATED BELOW 

Kir J AjsiinsT" 

X I 


hir A>piibd 

x - 


Vbur Direaors’ 
reasons for this 
recommendation 
are explained in 
the accompanying 
circular letter. 


employees as additional directors. 

Since Liberty already has a 25.7% 
interest in the Society, it’s certainly no 
surprise that the Sun Life Board is 
determined to stop this back door 
bid for control. 

We believe the proposals put the 
interests of the business, and those of 
the rest of the shareholders, at risk. 

And we urgently recommend 
you vote against it 


■ I'M , 

r* ' ■ 


SUPPORT YOUR BOARD -USE YOUR PROXY- NOW 






Financial Times Saturday May 2 198? 


Railways oppose 
higher fee for 
Channel Tunnel 


BY ANDREW TAYLOR 

THE BRITISH and French 
state-owned railways, BR and 
SNCF, were last night expected 
to tell Eurotunnel, the Anglo- 
French Channel Tunnel con- 
sortium, that they are not pre- 
pared to raise their financial 
offer for using the tunnel. 

Eurotunnel has warned that it 
will be unable to conclude loan 
arangements with up to 40 inter- 
national -banks, with the result 
that the project could collapse, 
unless it concludes an agree- 
ment with the railways soon. 

Mr Alastair Horton and Mr 
Andre Bernard, the British and 
French joint chairmen of the 
channel tunnel consortium, are 
scheduled to meet the boards of 
BR and SNCF on Tuesday to 
discuss the progress of the 
negotiations. 

The railways are expected to 
reject requests from Eurotun- 
nel that they increase their 
financial offer, agreed in prin- 
ciple with the consortium last 
September. This would leave 
the railways contributing about 

35 per cent of Eurotunnel's 
income for using up to 50 per 
cent of the tunnel’s capacity. 

The railways, however, are 
expected to offer some conces- 
sions to Eurotunnel on the tim- 
ing of payments. The consortium 
has asked that up to SO per cent 
of projected revenue from the 


railways be paid a month or 
two in advance- 

BR and SNCF have indicated 
that they might be prepared to 
pay betwen 50 per cent and 60 
per cent in advance, depending 
on what concessions Euro- 
tunnel is prepared to offer in 
return. 

Negotiations between the 
railways and Eurotunnel have 
continued In Paris this week in 
a bid to resolve differences, 
but railway officials were 
adamant last night that they 
were unlikely to improve on 
the basic offer. 

They are angry at the way in 
which Eurotunnel, by making 
the issue public with warnings 
of crisis and the possible col- 
lapse of the project, have tried 
to put pressure on the railways 
to increase their offer. 

The Lords select committee 
which finished hearing evidence 
on the Channel Tunnel Bill on 
Thursday is also expected to re- 
port its findings around the 
middle of next week. 

Flexilink, which largely re- 
presents the Interests of the 
ferry companies, which have 
opposed the bill, is expected to 
step up its campaign against the 
tunnel this weekend with an 
attack on the consortium's 
traffic and revenue forecasts- 


UK NEWS 

Max Wilkinson looks at the derision to stop work at four burial sites for radioactive material 

Problem of dumping nuclear waste proves costly 


Lawson plans consultation 
on changes to coinage 

BY PHILIP STEPHENS, ECONOMICS CORRESPONDENT 

MR NIGEL LAWSON, the 
Chancellor, yesterday said the 
Government planned consulta- 
tions on possible changes to 
Britain’s coinage, including the 
minting of smaller versions of 
the existing Sp and lOp coins. 

At a ceremony to set the face 
value of the Britannia gold r/' s 
planned for this autumn, Mr 
Lawson said the Inland 
Revenue would soon issue a 
pamphlet describing options for 
coinage changes. 

The pamphlet was based on a 
study carried out a Nottingham 
University and would form the 
basis for public consultations. 

Mr Lawson said there was a 
case for replacing the 5p and 
lOp coins with smaller, lighter 


coins comparable with the £1 
and 20p coins introduced in 
recent years. 

He insisted, however, that no 
changes would be made without 
thorough consultations with 
interested ■ groups, including 
industry and commerce and 
those with a special interest, 
such as the blind. 

The Chancellor announced 
that the face value of the 
Britannia — a one-ounce gold 
COln — Will be £100. ItS wwaltei- 
versions, of 4 oz, i oz and 
l-10th oz, would have values of 
£50, £25 and £10 respectively. 

The Britannia's price would 
be based on the gold price on 
the day they were purchased, 
plus a small premium. 


IT IS EASY to laugh at the 
Government for discovering 
just before an election that it 
will cost almost as much to 
bury nuclear waste in shallow 
trenches as in shafts 1,000 ft 
or more below the surface. 

Yesterday's decision to 
abandon work at four possible 
Bites for shallow burial of low- 
level wastes duly provoked 
roars of scornful mirth from 
the Opposition benches, along 
with a counterpoint of grateful 
murmuring from the four Tory 
MPs In whose constituencies 
the sites were located. 

Nevertheless, rite Govern- 
ment has been forced to recog- 
nise that public opposition to 
nuclear waste dumping is 
steadily raising costs. This is 
not only because of environ- 
mentalists’ obstruction through 
site protests and planning in- 
quiries. International opinion 
has also been moving steadily 
against the cheapest solutions 
like dumping at sea. 

At the same time, research 
sponsored by Friends of the 
Earth and other organisations 
has suggested potential dangers 
from disposal in shallow land 
trendies. As a result, the 
authorities have had to pro- 
duce steadily more expensive 
engineering solutions. 

Probably the most difficult 
problem for the Nuclear In- 
dustry Radioactive Waste 
Executive, which is in charge 
of the disposal of low and 
intermediate-level wastes, is 
that public opinion finds it diffi- 
cult to distinguish between dif- 
ferent levels of virulence. The 
word “ radioactivity " raises in- 
discriminate fears of cancer, 
genetic mutation and defor- 


mity, which scientists accus- 
tomed to much more precise 
measurements find hard to 
understand. 

To scientists, the level of 
radioactivity in the lowest level 
wastes has appeared so weak 
that disposal presented, as one 
very senior figure in the 
nuclear industry said a year 
ago, u no problem at alL” Only 
a few years ago, it was con- 
sidered acceptable to bury some 
of this waste in open trenches 
with little protection. Now, it is 
thought essential to line the 
trenches with concrete to mini- 
mise the seepage of radioactive 
particles into groundwater. 

In yesterday's announcement, 
Mr Nicholas Ridley, Environ- 
ment Secretary, said he was 
“ reassured " by Nirex’s conclu- 
sion that well-engineered 
trenches at the four sites under 
investigation would provide an 
acceptably safe solution. Then 
he mid deep burial on land or 
under the sea bed would given 
even greater safety at not much 
greater cost 

This may seem a paradox, but 
it arises from the feet that 
different solutions have been 
considered for three different 
categories of nuclear waste. In 
all cases, the “front-end” costs 
of research and development, 
planning inquiries and initial 
capital exper«itures are likely 
to be a significant proportion 
of the total. 

Yesterday's decision to aban- 
don a specific plan for low-level 
wastes and to lump them to- 
gether with intermediate-level 
wastes will save one set of 
front-end costs as well as post- 
poning a solution. 

A deep mined depositary is 



Nicholas Ridley: deep burial would Increase safety 


not likely to be available until 
the next century. Meanwhile, 
intermediate wastes will be 
stored at nuclear sites, while 
low-level wastes will continue 
to be buried at Drigg in Cum- 
bria close to the Sellafleld re- 
processing plant. 

Low-level waste materials 
consist of items like overalls, 
gloves and overshoes worn by 
workers at nuclear and medical 
plants, along with syringes and 
bottles which may have been 
slightly contaminated. 

Nirex estimates that the en- 
tire annual production of low- 
level wastes (about 13,000 cu m 
per year) contain less radio- 
active material than 10m 
tonnes of coal ash from power 


stations. Nevertheless, some of 
the radioactive materials in 
these wastes can remain active 
for several hundred years. 

Intermediate wastes are those 
produced mainly at unclear 
power stations. They include 
the metal cladding around 
nuclear fuels components and 
sludges and resins from treat- 
ment plants. They are more 
active and it is generally 
accepted that they mast be 
buried deep under the earth. 
However, only about 7,000 cu m 
of such waste is produced in 
tiie UK every year. 

High-level wastes are the 
very dangerous residues from 
reprocessing spent nuclear fUeL 
They need to be continuously 


cooled. No final solution has 
yet been agreed, although they 
might eventually be vitrified 
and buried. Meanwhile, they 
are stored at nuclear plant sties. 

The main options for low 
and Intermediate-level wastes 
axe to drive shafts into hard 
rock and excavate cavern*, 
drill into the seabed using 
adapted oil rig technology, or 
drill slantwise from a coastal 
site under the seabed to cham- 
bers perhaps a mile off the 
coast. Disused mines would 
cleariy be a candidate, perhaps 
in Cornwall, where granite 
would form a solid protection. 

The choice between these 
options Is sure to depend as 
much on political considerations 
as on the analysis of geologists 
and nuclear physicists over the 
next few years, since there is 
little doubt that deep burial is 
safe and feasible. 

In Sweden, the main disposal 
site for low and intermediate- 
level wastes at Fo remark, on 
the Baltic coast just north of 
Stockholm, consists of a maze 
of tunnels and silos hewn out 
of the rock 50 m below the 
seabed. Two 1 km tunnels lead 
from the shore to the main 
depositary, where waste is con- 
creted into the rock. 

This highly-engineered solu- 
tion has been generally 
regarded as extremely safe. In 
West Germany also, low and 
intermediate-level wastes are to 
be buried in dry salt mines and 
about 1 km deep at a disused 
iron ore mine at Konrad. 

In both Sweden and West 
Germany, the authorities have 
accepted, partly as a result of 
the strong pressures of public 
opinion, that low-level wastes 


must be placed far away from 

any possibility of wnmniM^nt 
groundwater. 

However, in France shallow 
burial has been accepted for 
some time, and the main burial 
site at la Mancha on the Cher- 
bourg peninsula has been held 
up by the British nuclear in- 
dustry as an example of this 
type of solution. 

However, the la Manchc site 
is significantly different from 
what had been proposed by 
Nirex for the UK. It consists 
of a large mound above the 
level of the water table with a 
drainage system under ft. Any 
water that gets into the de- 
positary therefore runs off mod 
is discharged into the sea after 
being tested for radioactivity. 
Even in France, the authorities 
may find it difficult to choose 
a new site when la Mancha |x 
filled early in the next decade. 

In the US. too, there has 
been increasing opposition to 
shallow' burial after the disco- 
very that weakly contaminated 
water had seeped out of several 
trenches. At least three sites 
have been closed by local or 
state authorities. 

The Government probably 
had little option, therefore, but 
to bow to public opinion and 
go for an ultra-safe solution. 
Hcicver, its difficulties are far 
from over. There is almost sure 
to be opposition to any investi- 
gation of a deep-mined land 
site. On the other hand, any 
proposal to put waste under the 
seabed risks fierce opposition 
from neighbouring countries 
and international environmen- 
talists. 

However, these will be prob- 
lems for the next government 
or the next but one. 


Opposition welcomes move but claims it reflects election fears 


BY TOM LYNCH 


OPPOSITION MPs welcomed 
Mr Ridley's announcement 
about nuclear-waste sites, hut 
seized on it as evidence that 
the Government feared for its 
electoral prospects in the four 
Tory-held constituencies con- 
cerned, especially the Colchester 
South and Moldon seat of Mr 
John Wakeham. the chief whip. 

They greeted with derisive 
laughter repeated assurances by 
Mr Ridley that the only reason 
lor the announcement was that 
the cost-differential between 
separate shallow sites and all- 
purpose facilities had largely 
disappeared. 

Mr David Clark, Labour's 


spokesman on environmental 
issues, told MPs: “The Govern- 
ment has only acted In a 
squalid attempt to save itself 
electoral embarrassment’ 1 

None of the four MPs In- 
volved was in the Commons 
yesterday, but each ensured 
that a colleague expressed 
relief on his behalf. Sir Bernard 
B raise, whose Castle Point 
constituency is close to Mr 
Wakeham "s, said the Chief 
Whip “had empowered me to 
say bow delighted he is with 
tills wise decision." 

Mr Douglas Hogg (Grantham), 
a junior Home Office minister, 
and Mr Nicholas LyeH (Mid 


Bedfordshire), a junior social 
services minister, whose consti- 
tuencies contain potential damp- 
ing sites, sent a message that 
they were "grateful for this 
statesmanlike decision.” 

Mr Midi a el Brown (Brigg 
and Cleethorpes), who had 
vowed that no dumping would 
take place in his constituency 
as long as he was an MP, said 
in a BBC radio interview: 
“ Elections concentrate the 
mind and they concentrate the 
minister’s mind.” 

Mr Clark said the Govern- 
ment’s decision to go ahead 
with construction of a pres- 
surised water reactor at Sizewell 


would accelerate the build up 
of nuclear waste. He warned 
that, by tiie end of the century, 
tile Government would need 16 
dumping sites of the type used 
in Sweden and demanded to 
know how the Government 
would identify the 16 towns 
winch would have a waste damp 
on their doorstep. 

Along with other MPs. he 
urged the Government to con- 
salt widely on future waste dis- 
posal plans in order to win 
public support for whatever 
solution was adopted. 

Mr Peter Shore, the Shadow 
Leader of the House, protested 
that it was unusual far state- 


ments to be made during Friday 
sittings unless they were urgent 
He suggested that the real 
reason for the “ rush ” yester- 
day was that opinion polls from 
the four constituencies were due 
to be published this weekend. 

Mr Ridley told MPs that a 
site was not likely to be in 
operation until the early years 
of the next century. In the 
meantime waste being stored 
at Drigg, in Cumbria, would be 
compacted and safety require- 
ments tightened. 

He said opinion polls already 
published from the four seats 
showed a more favourable atti- 
tude towards • nuclear waste 


dumping than might have bean 
expected. 

The minister stressed that 
safety would be paramount in 
whatever type of site was even- 
tually chosen, but he stressed 
the Government's determina- 
tion that a solution would be 
found. “We cannot have a 
nuclear industry without a 
repository for its wastes and 
we are going to have a nuclear 
industry.” 

He refused to be drawn on 
what type of site might be 
chosen, apart from assuring 
MPs from mining areas that a 
disused coalmine was unlikely 
to be suitable. " 


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Nabisco to close London plant 


BY RALPH ATKINS 

NABISCO GROUP, the biscuits 
and cereal manufacturer, is to 
close its Peek Freen factory in 
Bermondsey, south-east London, 
with the loss of about 1,000 jobs 
in the next two years. 

Mr Mike Hopkins, director of 
corporate affairs, said the 
biscuit factory, built in the 
1870s, was operating at only 51 
per cent capacity and was no 
longer economically viable. 

He said the sweet biscuit 
market in the UK was In 
decline and the factory had hi gh 
overheads because of its inner- 
city location and age. 

“Because it is such an old 
factory it would need very sig- 


nificant sums spent on it to 
modernise it and take it into 
the 1990s,” he said. 

Nabisco Group, part of RJR 
Nabisco, the US consumer con- 
cern, acquired the factory when 
it took over Huntley A Palmer 
Foods in a £84m deal in 1982. 

At the time of the takeover 
Nabisco said some rationalisa- 
tion would be necessary if the 
combined business was to be 
viable. In 1983 it dosed two 
Huntley & Palmer bakeries 
with the loss of 1,200 jobs. 

A total L022 employees are 
affected by the Bermondsey 
closure. The first redundancies 
will be announced this year 
with more next year and in 
1989. 


Production will be trans- 
ferred to Nabisco’s other bis- 
cuit factories, in Liverpool and 
Leicester. Bermondsey employ- 
ees will be offered first refusal 
of about 150 new jobs in 
Leicester. 

A further 120 employees will 
reach the age of 55 in the next 
two years and will qualify for 
early retirement The group 
has set up a full-time counsel- 
ling service employing four 
people to help employees find 
jobs. 

Nabisco Group has 15 fac- 
tories in the UK. Last year it 
made a trading profit of £41 .5m 
on turnover of £608m. After 
the closure it will have 10,500 
employees in the UK. 


Financial Times Business information 


City firms break 
Stock Exchange 
marketing rule 

By Hugo Dixon 

SOME City firms broke a 
Stock Exchange rule by making 
markets in this week’s gilts 
issue before the Bank of 
England had actually issued 
the stock. The Bank told them 
of their error but yesterday 
denied that it had rebuked any 
firms. 

There had been confusion 
among dealers because the 
gilts market system is to 
change partitfly to an auction 
system in the middle of the 
month. 

The Bank, under the present 
tap system, can issue as little 
stock as it likes, or can decide 
not to issue stock at alL Making 
markets in stock before it has 
been issued, known as grey 
market trading, is against the 
Stock Exchange’s rule number 

535J5c. 

However, under the auction 
system grey market trading 
will be allowed. The Stock 
Exchange's gilt-edged market 
committee is meeting next week 
to complete rule mang e s. 

The Stock Exchange said: “ It 
looks as if somebody has 
broken the rules. ... We are 
in discussion with the 
over the matter right now.” 

Cal Air to buy 
two Boeing jets 

CAL AIR International, the 
charter airline jointly owned 
by the Rank Organisation and 
British Caledonian, is baying 
two Boeing 737-400 twin- 
engined short-range jets, with 
options on a further two. 

This increase of about 30 per 
cent In Cal Air’s capacity will 
be used, primarily to support 
the requirements of Wings, the 
Rank group’s tour operating 
subsidiary, to carry holiday 
traffic out of UK provincial air- 
ports. 


CURRENT ACCOUNT 
(&n, seasonally adjusted) 


£H rr * nt VWWe Trade 

Balanca Balance Exports Imports 

fob fob 


invisibles 

Balance 


1985 

+2,946 

“2.178 

78,111 

1986 

-1399 

“8353 

72343 

1986 Q1 

+ 682 

-1327 

18,164 

Q2 

— 94 

“135! 

17386 

Q* 

— 931 

“2373 

17353 

Q4 

- 756 

“2302 

19340 

Q] 

+ 625* 

“1,175 

19334 

1987 Jammy 

+ 73* 

- 527 

mmgm m m 

*304 

fobruny 

+ 376* 

- 224 

6333 

March 

+ 175* 

— 425 

6397 


«ua» 

87,096 

19,391 

19337 

20*2* 

21342 

20310 

*331 

7,157 

6322 


+5,124 
+7,154 
+13» 
+ 1357 
+1,942 
+1346 
+1300* 
+ 600* 
+ < 00 * 
+ 600* 


• lnvisffiles for Jaouary to March J987 are projections. 


BRITAIN RECORDED a cur- 
rent account surplus of £l75m 
in M a r ch, taking the cumula- 
tive surplus for the first 
quarter to an estimated 
£6 25m, against a £756m de- 
ficit in the final quarter of 
last year, writes Philip 
Stephens. 

Ike Trade and Industry 
Department said there was a 
£42Sm deficit on visible trade 


Govtrnmut Scat/atfoal StWm 


in March hut that this was 
more than offset by an esti- 
mated 2569m surplus on in- 
visible transactions. 

Taking the first three 
mont h s of the year together. 
Imports and exports were 
lower In volume terms than 
in the previous three months. 
However, compared with a 
year earlier, exports were 10 
per cent higher and imports 
were 6} per cent higher. 


Jenkins attacks Tories 

BY JAMES BUXTON, SCOTTf&l CORRESPONDENT 


MR ROY JENKINS, tile Social 
Democratic Party’s elder 
statesman, yesterday declared 
that the Conservative Party was 
«“ main target for the 
Alliance in the coming genera] 
election. 

'Any idea that the Alliance 
is sympathetic towards the 
present Government with its 
emos efi sleazy se lfishness 
which it has encouraged to 
spread to so many aspects of 
our national life is total non- 
sense,” he said. 

^ >*5 Jen kins was speaking on 
*6 fiW* day of an SDP/Liberal 
Affiance joint Scottish conven- 
tion held in the TBghian^g 
sort town of Pitlochry 


The Alliance's first task was 
to overtake the Labour Party, 
which he compared to an 
Indian water buffalo lying on 
a railway trade. “All it can do 
is prevent anyone else getting 
through. It cannot hope to go 
anywhere itself,” he said. 

"This government,” he said, 
“has been a disaster. It has 
dividend the nation, weakened 
industry, created half a genera- 
tion without hope, presided 
over some of the worst public 
services in the western world, 
politicised and demoralised our 
civil service, allowed si gnifican t 
areas of our countryside to be 
despoiled, neglected our 
schools, and starved our uni- 
versities.” 


IK 11 


Baker to 
limits on 
school rolls 


By Midori Dixon, 

Education Correspondent 

MR KENNETH BAKER, Edu- 
cation Secretary, yesterday 
pledged that a re-elected Tory 
Government would require state 
secondary sohoo’3 that are popu- 
lar with parents to take as 
many pupils as they can physi- 
cally accommodate. 

He told an education meeting 
in Nelson, Lancashire, that 
legislation would be Introduced 
to ban local authorities from 
restricting entries do schools 
(which are oversubscribed in 
order to shore up the intakes 
of those in lesser demand. 

While most families now 
obtained places for their child- 
ren at schools they approved of. 
Mr Baker said he stiff heard 
“very many complaints” that 
local education authorities limit 
some schools' rolls so as to 
spread pupil number* and 
resources more evenly across 
the area. 

“As a result, parents can be 
asked to accept a place at a less 
popular school when there is 
space at the .school of their 
choice. How frustrating to be 
told that a school is fuff when 
you can see that it is not.” 

The promised legislation 
would repeal parts of the Con- 
servatives' own 1980 Education 
Act which allows local authori- 
ties to ran secondary schools at 
up to SO per emit below their 
“ standard ” capacity. The stan- 
dard represents the number of 
pupils enrolled in autumn 1979 
Mr Baker’s plan is to require 
local authorities to continue 
accepting entries for a parti- 
cular state school until it Is up 
to the pupil numbers it had in 
1979 or, if it has since been ex- 
panded, until it is at the maxi- 
mum capacity it has readied. 

Demand high 
for R-R 
prospectuses 

By fUdard Tomkins 

ROLLS-ROYCE, the aero-engine 
maker being floated on the 
stock market, was yesterday 
struggling to meet demand for 
prospectuses detailing Its 
£ 1 - 86 bn offer for sale. 

Samuel Montagu, the mer- 
chant bank sponsoring the flota- 
tion, said there was a wave of 
interest following Tuesday's 
announcement of the 170p 
share price. 

This produced 100,000 
requests for information from 
the company's share informa- 
tion office to add to the 500.000 
requests already received. As 
a result, many people will not 
have received prospectuses 
until today— two days later 
than planned. 


I 







Financial Times Saturday May 2 1987 

UK NEWS 


LABOUR NEWS 



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fears 


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Futures association faces 
controversy over capital 


.S' 


AT THE smart new quarters of 
the Association of Futures 
Brokers and Dealers, there are 
still vacant desks In what Mr 
Alistair Annand, the chief 
executive, describes as the 
boiler house. 

This ia the compliance 
division, responsible for ensur- 
ing that the association’s 170 
member films, as well as pros- 
pective members, conduct busi- 
nes properly. 

The association — conceived 

before the Financial Services 
Act prescribed the forthcoming 
City structure of self-regulatory 
organisations— is already in 
business. 

The association, however, wQl 
not take on its full mantle until 
it has recognition from the 
Securities and Investments 
Board as the body responsible 
for authorising and monitoring 
firms whose primary invest- 
ment business is futures and 
options. 

Hence the empty desks at 
the offices in Plantation House, 
the hub of London's commodity 
industry. The association's staff 
totals 17, which is to rise within 
six months to 35, of whom 60 
per cent will be in the compli- 
ance division. 

Some say this will be a small 
staff for overseeing a diverse 
and rapid industry. The asso- 
ciation, expected to have 
between 250 and 300 member 
firms by the end of the year, 
is likely to be Britain’s smallest 
SRO. 

Futures and options markets 
thrive on 'volatility. Business is 
done “ on margin "—only a 
small proportion of the under- 
lying contract value is paid as 
a security deposit 

So there is ample scope for 
trading abuses, and for quick 
and heavy losses. The need for 
constant and comprehensive 
oversight has long been recog- 
nised by most exchanges, which 
have systems to detect abuses 
and excessive market positions. 

Exchanges such as the 
London Commodities Exchange 
and tiie London International 
Financial' Futures Exchange 
will continue to perform this 
role. They will also continue to 
decide whom they deem "fit and 
proper” to be members. 

The AFBD, however, provides 
an additional layer of regula- 
tion. 

As well as having access to 
the computer data of exchanges 
and of the International Com- 
modities Clearing House, it has 
powers to conduct spot checks 
on individual member firms. Its 
compliance division will pore 
over computer print-outs of 


Continuing the series 
on SROSj Alexander 
Nicoll assesses 
regulation problems 
for the AFBD 


firms’ trading activity, so as to 
spot patterns which could indi- 
cate abuses or trading without 
adequate finance. 

So there is ample scope for 
trading abuses, ami for quick 
and heavy losses. The need for 
constant and comprehensive 
oversight has long been recog- 
nised by most exchanges, which 
have systems to detect abuses 
and excessive market positions. 

Exchanges such as the 
London Commodities Exchange 
and the London In tarns tiooal 
Financial Futures Exchange 
will continue to perform this 
role. They will also continue to 
decide whom they deem "fit and 
proper” to be members. 

Also, the association will be 
responsible for deciding who 
can trade in London futures and 
options markets. Any firm that 
wants, as a primary business, 
the - dealing of futures and 
options, arrangement of or 
advice on such deals, or manage- 
ment of portfolio Investments 
In futures and options, wQl have 
to seek authorisation from the 
association to carry on its busi- 
ness, whether or not It is a 
member of an exchange. 

The words "primary business” 
are important The AFBD has 
already lost a battle to be the 
only SRO for futures and 
options. The Securities Associ- 
ation; which will oversee securi- 
ties markets, argued that super- 
vision of derivative contracts 
could not be separated from 
monitoring dealings in the 
securities on which they are 
based — that trading, for 
example, of government bonds 
and of futures and options based 
on them was fully integrated. 

The securities body won the 
right to authorise firms for 
futures and options trading, 
provided this is ancillary to 
their main b usiness of securities 
dealing. 

The AFBD can authorise 
firms to trade securities, if this 
is ancillary to futures and 
options business. 

Once authorised, each fins 
will have to adhere to the asso- 
ciation’s rulebook. Like those 
of other SRO s, it will be lengthy 
and legalistic. In. outline, it 
win coven 

• Reporting of data such as 
ownership, names of directors 
and subsidiaries. ■ 


• Conduct of business roles, 
including requirements to know, 
sign agreements with and warn 
customers of risks, to avoid 
“ churning” their accounts, as 
well as rules on soliciting 
business. 

• Keeping client accounts 
apart 

• Maintaining adequate capital. 

• The association’s powers to 
investigate and discipline mem- 
bers and to arbitrate in disputes 
between them. 

• A compensation fund. 

Among these areas, the 

thorniest problems are to be 
found in establishing what 
capital a well-run trading firm 
should keep. 

This is particularly controver- 
sial for commodity trading 
firms, many oC which do sub- 
stantial business in physical 
commodity markets, which fall 
outside the scope of the Finan- 
cial Services Act The associa- 
tion will not supervise this 
business but feels it needs to 
know about it because it affects 
the- adequacy of firms’ capital. 

If trade debts arising from 
physical business were not 
allowable to some extent as 
liquid resources, for example, 
firms might be required to 
maintain what they would see 
as unrealistically high capital 
resources for their futures and 
options business. 

For big firms, capital requited 
by the association will reflect 
the volume of their business 
and especially the money they 
need to meet daffy margin 
requirements on clients’ posi- 
tions. Firms need to have 
enough capital on hand so that, 
if a customer defaults, they can 
meet his margin requirements 
without plundering other cus- 
tomers’ funds. 

The AFBD is conducting a 
survey of London Metal 
Exchange member firms to 
determine the current best 
practice among them. This will 
help it to determine whether 
a suggestion by the SIB that 
firms keep capital representing 
S3' per cent of their total 
requirements is too high. 

To the capital requirement 
would be added a so-called 
“haircut," representing a pro- 
portion of the positions a firm 
holds for its own account. Cer- 
tain types of guarantees, per- 
haps from overseas parent 
companies that they would 
stand by their subsidiaries, 
could be deducted from the 
requirement 

NextrThe . overall picture 


Teachers 
insist on 
direct pay 
negotiations 

By David Brindie, 
labour Correspondent 

PROTEST ACTION by teachers 
in England and Wales would 

not -retent until the Government 
made an unequivocal commit- 
ment to restore direct pay nego- 
tiations, Mr Fred Jarvis, general 
secretary of the National Union 
of Teachers, declared yesterday. 

He was speaking at the Wales 
TUC annual conference in 
Tenby in response to reports 
that Mr Kenneth Baker, Educa- 
tion Secretary, may next week, 
offer a concession to the 
teachers’ unions by suggesting 
that new pay machinery could 
be in place beiore the 1890 date 
currently proposed. 

Mr Jarvis said: “We will 
believe it when we see it We 
will believe it when we get a 
clear commitment from Mr 
Baker that he intends to restore 
our right to negotiate." 

The NUT and the NAS/UWT, 
the two main teachers’ unions, 
have offered to consider calling 
off their disruptive action in 
schools if the Government 
agrees to put negotiating 
machinery in place of the 
abolished Burnham Committee 
in time for the 1988 pay settle- 
ment. 

Not only has Mr Baker said 
this would not be achieve able. 
He has also said it may not be 
possible to agree a pure nego- 
tiating system. The unions are 
unlikely to warm to proposals 
for a review body system. 

Under the legislation which 
abolished Burnham and imposed 
a pay and conditions settlement 
on teachers, the Government 
plans an independent “ interim 
advisory committee” to work 
for the Education Secretary at 
least until 1990. 

Hr Jarvis made it dear yes- 
terday that the teaching unions’ 
opposition to the Government 
did not end with the issue of 
negotiating machinery. It ex- 
tended to provision in the legis- 
lation for regional pay varia- 
tion, to the proposals for city 
technology colleges and to the 
plans for head teachers to be 
given greater responsibility for 
their schools’ budgets. 

Mr Alan JinUnaon. deputy 
general secretary of Nalgo , the 
white collar union, said: “Let 
us he under no illusion this 
Government does not see a 
legitimate role for trade unions. 
If we are to secure the future, 
we have to change the Govern- 
ment and the sooner the 
better.” 


Treasury threat to unions’ dues 


BY JIMMY BURNS, LABOUR STAFF 


THE GOVERNMENT is con- 
sidering a move which could 
seriously disrupt the finances 
of the two civil servant unions 
leading the dispute over pay and 
conditions. 

Mr Peter Kemp, the 
Treasury’s Deputy Secretary 
with responsibility for pay, has 
written to the Council of Civil 
Service Unions warning that it 
is prepared to suspend the 
system by which it automatic- 
ally deducts union dues from 
wage packages unless the two 
unions end their strike action. 

The move is aimed a putting 
pressure on the unions — the 
Civil and Public Services 
Association and .the Society of 
Civil and Public -Servants — who 


are threatening to spread their' 
strike action next week to} 
immigration offices in the south-} 
east and the main government! 
offices in Whitehall. 

Suspension of the “check- 
off ’ system would force the 
unions to collect membership 
dues directly. 

The Treasury hopes that the 
prospect of union finances being 
severely hit because of the 
ensuing delays will deepen what 
it believes are emerging divi- ! 
sions between the two unions 
over strike strategy and quicken 
an end to the dispute. 

However there were not 
immediate signs yesterday that 
the unions would heed the 
Treasury's warning. A wide. 


range of government offices in 
the West Midlands and the 
south-west, including Depart- 
ment of Employment offices, 
VAT offices, and Customs and 
Excise posts, were either closed 
or disrupted for the second 
consecutive day as part of the- 
latest campaign of regional and 
selective stoppages. 

The CPSA. which appears to 
be adopting the harder line in 
the dispute, said it was confident 
that membership dues could be 
collected by local officials in an 
emergency, and that this would 
boost rather than undermine 
union organisation. 

Both unions are still plan- 
ning to concentrate their' 
, regional action on London and- 


the south-east from next Tues- 
day. with about 80.000 staff 
joining the campaign against a 
4.6 per cent pay offer. 

Balloting on the next phase 
of the dispute, which could 
involve an all-out national 
beginning May 25. However, 
strike, is due in the week 
the CPSA said last night that 

both unions planned to debate 

their strategy at their annual 
delegate conferences which 
begin on May 11. 

. The Treasury warned it 
‘would suspend the “ check-off ’ 
-during the last civil servants' 
' 22 week selective action in 1981, 
but never carried out the 

• threat. 


Ship officers ac cept flagging out 


BY MANI DEB 

OFFICERS serving on a ship- 
ping line have voted by a large 
majority to accept a "flagging 
out” transfer of their vessels 
to an Isle of Man company 
which employs crews through 
an agency. 

Numast, the marine officers' 
onion which backed the pro- 
posal after talks with Ocean 
Transport and Trading, said 144 
members had voted for and 49 


against the transfer. The onion 
has 240 members in the com- 1 
pany, and 197 took part in the 
ballot. 

Unions have so far strongly 
opposed the practice of ship- 
owners ” Sagging out ” to . 
register in states where some- 
companies manage to evade tax 
and union agreements and 
operated with lower safety 
standards and wages. 


However, Numast believes 
that the Isle of Man offers an 
acceptable alternative as the 
marine authorities there have 
.pledged to ensure that safety 
standards are maintained in 
consultation with the unions. 

Ocean Transport and Trading 
will transfer its II vessels to 
Manx Ship Management, which 
will hire crews through Seastaff 
Resources. 


Unions sued over advice to quit 


BY MANI DEB 

UNIONS which advised workers 
to take redundancy, when their 
steel plant was closed in 1973, 
are being sued for damages for 
alleged negligence. This is 
believed to be the first such 
claim against unions in Britain. 

The 308 people, including, 
two women, worked at East 
Moore steelworks, Cardiff. They 
say the unions encouraged them 
to take voluntary redundancies,. 


{against their best interest, and 
they suffered loss. 

Counsel for the cl aiman ts, 
many of whom are old and*, 
unwell, asked a High Court 
judge yesterday to order that 
the hearing be held in Cardiff, 
rather than London, to save 
time and expense for those 
involved. 

The judge decided to re- 
_ examine the case in November, . 


when the venue and date will 
be reconsidered. Disclosure of 
documentary evidence should 
be completed by October. 

The seven unions involved 
are ISTC steel. AEU engineer- 
ing, TGWU transport and 
general, GMBU general, UCATT 
construction, EETPU elec- 
tricians and the union of blast- 
fumacemen. ore miners and 
.coke workers. 


Artificial limb maker near settlement 


BY OUR LABOUR STAFF 

J. E. HANGER, the artificial 
limb manufacturer owned by 
BTR, and union leaders have 
been drawing up the details of 
an agreement expected to lead 
to a settlement of a long indus- 
trial dispute by the end of next 
week. 

Both sides emerged from the 
latest round of talks at Acas, 
the conciliation service, on 
Wednesday expressing confi- 


dence that an agreement was 
close. 

Earlier, J. E. Han ger had 
hoped that a settlement could 
be achieved by the end of this 
week. 

However, negotiations are 
believed to have to continue 
as a result of a demand from 
shop stewards representing 130 
workers still in dispute for 


further clarification about the 
terms of an offer from the 
company. 

The offer, based on £780,000 
compensation for the workers 
who will not be reinstated, has 
been accepted in principle by 
the national executives of Tass. 
the mcnufacturing union, and 
FTAT, the crafts union, on the 
condition that it is approved by 
the former staff. 


pits halted 
by pickets 

By Charles Lea db eater, 

Labour Staff 

SEVERAL PITS in the Doncas- 
ter area were brought to a halt 
yesterday after about 6,000 
miners refused to cross picket 
lines mounted by miners dis- 
missed during the 198485 
miners’ strike. 

The men, some of the 352 who 
have not been reinstated by the 
British Coal Corporation, were 
led bv dismissed miners from 
Kent. It is estimated the cor- 
poration lost about 20,000 
tonnes of output as a result of 
the action. 

British Coal reaffirmed that 
it would only consider reinstat- 
ing the dismissed men i» further 
evidence was brought tc light 
concerning their cases. 

Mr Peter Walker, the Energy 
Secretary, yesterday issued 
draft orders establishing the 
Union of Democratic Mine- 
workers’ right to representation 
on committees which oversee 
the mineworkers* pension 
scheme and the coal industry 
social welfare organisation. 

The reorganisation of the 
committees could pave the way 
for the UDM, the breakaway 
union based in Nottingham- 
shire, to have joint negotiations 
with the majority National 
Union of Mineworkers. 

It is understood that even 
left wingers in the NUM*s 
leadership have argued the 
union should take part in dis- 
cussions including the UDM, in 
spite of the bitter antagonism 
between the unions since the 
end of the strike. 


kcr to tom 
its on 
ool roils 


-ri' 




*** 

: B-K , 


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Saturday May 2 1987 


Markets fill 
a vacuum 


THERE IS even less than the 
usual market interest in the 
preparations for the seven- 
nation economic summit which 
will be held in Venice in 
June. There la good reason for 
this, for on present indications 
it will be an enigmatic affair 
which might have been scripted 
by the Italian playright Luigi 
Pirandello, entitled Seven 
Characters in Search of a 
Mandate. 

This is of course unfair to 
Chancellor Kohl of West Ger- 
many, who recently won a 
resounding vote; but since be is 
at the moment economically 
immobile, this self-confidence 
will actually make any positive 
outcome of the summit a little 
less likely. 

His opposite numbers in the 
discussions will be President 
Reagan and Mr Nakasone — who 
have been holding bilateral 
talks — Mrs Thatcher, and 
Messrs Chirac, Fanfani and 
Mulroney. The President and 
Mr Nakasone are already 
engaged in bartering presiden- 
tial vetoes which may be voted 
down and prime ministerial 
promises which may be impos- 
sible to deliver. 

Mrs Thatcher will probably be 
running for office, Mr Fanfani 
heads a provisonal government 
without parliamentary backing 
and Mr Chirac has been put 
somewhat in tbe shade by his 
Socialist President. The Cana- 
dians can hardly deliver sum- 
mit decisions single-handed. 

Different story 

At a time when the OECD, 
the IMF and the united central 
bank governors announce every 
day the need for international 
policy co-ordination, this might 
be thought a frightening situa- 
tion; lame ducks are not much 
use as life-savers. However, the 
markets have a different story 
to tell; they have approached 
the May Day break without any 
calls of “ Mayday," and in 
London they are positively 
euphoric. 

This can partly be explained 
by the continuing flood of 
liquidity — the reflection of 
record national payments im- 
balances which have been 
financed recently mainly by 
official intervention. Tbere is 
some rational support, though, 
for not worrying too much about 
the temporary impotence of the 
political leaders. 

Even at the best of times, 
politicians can only lean into 
the prevailing economic wind. 
When they are less effective, the 
laws of economics seem quite 
capable of imposing themselves 
without political intervention, 
and there are some signs that 
this is happening now. 

The current moves in interest 
rates are a good example. 
Rates in Tokyo are being driven 
down by tbe sheer weight of 
money. American banks would 
no doubt find their cost of funds 
rising even if the Fed had sot 


decided to make Its own open 
market policies a little more 
snug, to use Mr Paul Volcker’s 
slightly puzzling term. 

In London Mr Lawson gives 
the market all credit for its vote 
of confidence is British per- 
formance; he would hate to be 
accused of electioneering. He 
may be unable to avoid the 
charge. The combination of un- 
expectedly good trade figures 
and record equity prices could 
attract foreign inflows next 
week on a scale that would make 
restraint very hard to maintain. 

Delayed ending 

Tbe trade figures themselves 
tell a story which could be 
studied with profit in Tokyo and 
New York, for they prove that 
the much-discussed J-cuxve does 
have an end. The British trade 
figures deteriorated very fast 
while sterling was on its way 
down to its current weighted 
average. For some time now, 
though, it has been recovering 
a little from its lows. Tbe 
result is that the benefit to 
exports from renewed competi- 
tiveness now shows through in 
the money flows. 

The protracted devaluation of 
the dollar, in a series of some- 
times barely manageable slides, 
has delayed this happy ending 
for the Americans. They have 
found themselves toboganning 
down a whole series of J-curves, 
so that the adverse effect of the 
latest rise in import prices is 
always masking the benefit of 
what Is already quite a notice- 
able turn-round in exports. 

Japan and West Germany are 
on the other end of this pro- 
cess. Here the rise in import 
volume has been very marked, 
and export growth has already 
slowed to a creep in Japan, 
while German export order 
books are falling. In money 
terms, though, their surpluses 
show records every month. 

This is, at the moment, a 
nasty problem for the central 
banks. The markets seem to 
demand that they will support 
the dollar only when they can 
see tbe current account balance 
moving in the right direction. 
However, economic theory, con- 
firmed by British experience, 
says that the improvements in 
the trade balance will show up 
in money terms only after ex- 
change rates have been stabi- 
lised. Oar author is now Joseph 
Heller: Catch 23, perhaps. 

It may well be that the policy 
changes which will help to com- 
plete the world adjustment win 
come right at the end of tbe 
story; for theory also tells us 
that the changes already to be 
seen in trade volumes must slow 
growth sharply in countries like 
West Germany and Japan, and 
speed it up in the US. As Mr 
Lawson could explain, there is 
nothing like growth to help in 
cutting government borrowing; 
and there is nothing like a slow- 
down to loosen political ideas. 


South Africa’s National Party cannot lose next week’s whites-only election. But, says Anthony Robinson, 
the party is being pounded from left and right Below he talks to F. W. de Klerk, heir-apparent 


IT HAS been the longest, 
bloodiest, most confusing 
election campaign in tbe 
history of white South 
Afri can politics. 

The ruling National Party 
has for the first time faced 
organised opposition from the 
right, from the left and from 
independent candidates, 
agai ns t the background of an 
Intellectual revolt in 
Afrikanerdom and a bitter 
strike by black railway 
workers. 

It will also be the first 
election fought tinder a State 
of Emergency and with poll- 
ing on Wednesday likely to 
be maned by a large-scale 
blade worker stay -away. 

Ironically the wain pro- 
tagonist in the campaign has 
not pot up any candidates 
and most of its supporters da 
not have the vote. The 

W HEN a brave South 
African voter rose at 
an election rally in 
Stellenbosch last week to ask 
President F. W. Botha when he 
intended to retire, he was 
blasted for his impertinence 
and told in no uncertain terms 
that nothing was further from 
the Presidential mind. But the 
eventual succession to the man 
who has ruled South Africa for 
over a decade and is now 71 
and increasingly irascible is 
exorcising the minds of many 
in the ruling National Party 
and outside. 

One possible heir apparent; 
Mr Chris Heunls, the Minister 
of Constitutional Development, 
who recently took over Mr 
Botha’s mantle as National 
Party boss in the Cape, was 
sitting beside the President as 
he spoke. But his chances have 
waned considerably in the cur- 
rent election campaign during 
which his constituency has come 
under siege from Dr Denis 
Worrall, former Ambassador to 
the UK, who is fighting the seat 
as an independent 
By weakening the man most 
closely connected with the 
Government's reform pro- 
gramme, the most direct effect 
of Dr Worrall's intervention has 
|£hus been to strengthen the 
hand of his rival Mr Frederik 
Willem De Klerk, the Transvaal 
party boss who is the epltomy 
of party orthodoxy. 

A shrewd former lawyer, with 
an impeccable political pedi- 
gree F.W„ as he Is invariably 
called, is fighting off a strong 
right-wing challenge in his own 
seat of Vereeniging as well as 
masterminding the National 
Party campaign in the Trans- 
vaal, the richest and most 
populous of South Africa's four 
provinces. 

F.W. lades tiie thick wrists 
and peasant Btolidness of tradi- 
tional Afrikaner leaders from 
Paul Kruger to P. W. Rntfra . 
lake Moscow's Mikhail Gorba- 
chev, the dapper, 51-year-old 
looks and sounds like a man 
from a newer political genera- 
tion. i Sitting in the cramped 
back room of his cam] 
office in Vereeniging he lai 
at the comparison. “All we 
have in common is this." he 
says, patting his prematurely 
bald head. 

Yet the parallels are there. 
Whoever succeeds Mr Botha 
will also face the daunting task 
of cajoling an entrenched 
bureaucracy and protected 
white working class into accept- 
ing painful ehangos to their way 


spectre haunting the election 
has been the African National 
Congress (ANC) an organisa- 
tion banned for 25 years, 
whose leaders — men like 

Nelson Mandela and Oliver 
Tambo— are either in jail or 
In exile. 

What has lifted the ANC to 
this exalted position has been 
the ambivalence of a National 
party unable or unwHttug to 
spell out its plans for the 
future. This is partly because 
the party itself Is divided, hot 
mainly because any unequivo- 
cal statement would lose votes 
either on the right or the 
left. TTTflt a mi it has mounted 
a scare campaign, backed by 
an apparently bottomless 
budget and control over the 
state radio and TV monopoly, 
concentrating on security 
issues and preying on white 
fears. 

As the campaign moved 


towards its climax, Pretoria 
sent soldiers to Zambia to 
prevent an alleged ANC infil- 
tration effort. It also took a 
tough line with the black 
trade unions and railed 

HOUSE OF ASSEMBLY ~ 
Party Toed 


National 

126 

Progressiva Federal 

2 7 

Conservative 

18 

New Republic 

5 

11« nigra Naatonala 

1 

Independent 

1 

Total 

171 


against foreign meddling. It 
has tarred the liberal, mainly 
English -speaki ng P rogressive 
Federal Party (PFF) as being 
soft on the ANC and com- 
munism while warning -that 
the full-blooded, white power 
policies of the right would 


lead to violent revo l u ti on. 

It is urging voters to vote 
for tbe party it knows, the 
party which has ruled South 
Africa for four decades under 
the slogan “Reform yes, 
surrender no.” 

Tbe IMP'S policy mix— 
cautious reform aimed at 
persuading moderate blacks 
to agree to a power-sharing 
formula which would still 
leave whites la control- ia 
vague and contradictory. It 
is based on the continuation 
of ethnically based politics, a 
formula rejected by liberal 
businessmen and by many 
Afrikaner intellectuals and 
members of the middle class 
who have outgrown the 
Afrikaner tribalism which 
once cemented the “Yolk" 
behind the NP. 

Tbey argue that Afrikaners 
should secure their long-term 
future by seeking alliances 


with moderates across ethnic 
Uses on the basis of a shared 
belief In “Christian values,” 
a free enterprise economy 
and legal guarantees for Indi- 
vidual as well as “croup* 
rights. 

Their champion* are fin 
three main independent can- 
didates, Wynand Main in 
Johannesburg. Penis Worrall 
and Esther Lategsn in the 
Cape. 

But theirs is a vision with 
no appeal for hard-pressed 
blue collar whites, farmers 
and others whose privileges 
are most vulnerable to Mack 
economic and political 
advancement. As Fertile 
Hartxenhurg, the right-wing 
Conservative Party candidate 
la the western Transvaal 
“Flattdand” sarcastically 
told whites at a Conservative 
Party rally recently: “ P. W. 
Botha wants to chop off your 


INTERVIEW 


One for 
the middle 
of a 

bumpy road 



of life if solutions are to be 
found to the country's prob- 
lems. 

Questions abound as to Mr 
De Klerk’s fitness to meet these 
challenges. Does he have the 
potential to lead whites in 
general and Afrikaners in par- 
ticular through the next stag* 
of South Africa's search for a 
new modus vivendi? Does be 
have the vision, the courage, 
the conviction or the charisma? 
Clears answer prove elusive. 

Mr De Klerk says the main 
task ahead is ^to reconcile the 
two great and seemingly con- 
tradictory realities of South 
Africa — the reality of diversity 
and the reality of inter- 
dependence between aU 'the 
various black, white, Coloured 
and Indian uatinwnHtiwg and 
cultures. He reaognises tint 
at present the white tribe 
dominates the political scene, 
controls the security forces, the 
economy and imposes its will 
cm the rest But he emphasises: 
“ We in the National Party 
want to stop dominating others: 
that is the ultimate goal of our 
reform policy. But we have to 
find a way so that we in turn 
will not be dominated by 
others.” 

Parties to the right of the 
NP overemphasise, he says, the 
diversity of South Africa and 
insist on the right of whites to 


continue dominating others in 
the 86 per cent of South Africa 
which is designated white. 
“They believe that the pres- 
sure of numbers will nullify 
any measures that you take to 
ensure group protection and 
point to Zimbabwe as an 


• PERSONAL FILE 

193ft - Bom fat Johannesburg 

1958— graduated as a lawyer from 
PoCdNfstroom Utinrerrfty 

1961— Opened legal practice in 
Vernalising, 

1969— Married Marike WDlentM; 
two sons and a daughter. 

1972— Woo- by el ection at -Voreaid- 
glng as National Party candidate. 

19t. r — Entered Cabinet as Minister 
of Pest and Telecomnmiucstions. 

1982— Became Transvaal leader of 
National Party 

198 4 M iniste r of Home Affairs and 
National Education. 


example.” But the analogy is 
not correct, he says, because 
tbe Lancaster House agree- 
ment’s commitment to minority 
protection in Zimbabwe was 
“mere tokenism” which the 
National Party’s commitment Is 
not 

Meanwhile those on the NFs 
left, like the Progressive 


Federal Party (PFP) and the 
independents err in the other 
direction by overemphasising 
interdependence and under- 
rating the security and other 
implications of diversity. 

“They have a utopian vision 
of a homogeneous society which 
does not exist and say people 
most forget the reality of nine 
different language groups and 
cultural diversity." Many PFP 
supporters are rich enough to 
believe that they will in any 
case be able to buy their 
security, he adds. 

The NFs solution, he says, 
is to start from die reality of 
diversity and to ensure that 
"each, group must have its own 
power base, its own executive 
and legislature and autonomy 
over its own affairs Uke 
education and welfare.” 
Rejecting objections that ftk 
is merely a way of prolonging 
white domination he adds: “ We 
are not only talking about 
whites. Look for example what 
has happened to Indians In the 
rest of Africa, or the' fate of 
minority tribes Uke tbe Mata- 
bele in Zimbabwe and the Ibos 
In Nigeria. We are all minori- 
ties and all must be protected 
against domination.” 
Recognition and entrench- 
ment of group security needs 
and cultural identities is essen- 
tial, he insists. Hence the 


party's emphasis on security 
issues in the election and its 
propaganda campaign saying a 
vote for tiie PFP is tantamount 
to a vote for the banned 
African National Congress 
(ANC). 

With all groups secure in 
their own residential areas, 
schools and other facilities 
“people will get along with 
each other and co-operate, as 
they already do in the streets 
and .in offices, factories and 
mines throughout tbe country.” 

Mr De Klerk continued his 
indirect justification of the 
Group Areas Act and other 
apartheid era legislation, with 
an explanation of the. .Govern- 
ments concept of ‘ “power 
sharing.” Decisions on matters 
of common concern like 
defence, tiie economy, law and 
order and foreign policy will 
in future be thrashed out 
through an as yet undefined 
council of state where elected 
representatives of the majority 
in each of the groups would 
come together. 

After four decades of ruthless 
social engineering; involving 
the forced removal of millions 
of blacks, the National Party 
has already gone far along this 
path by creating 10 ethnic blade 
homelands, of which four are 
nominally independent states, 
and a bicameral parliament in 


beads but Is guaranteeing you 
that with Ms unique formula 
yon will not die.” 

Tbe right-wing parties have 
test vaiaaMo cum. and pres- 
tige fighting over a proposed 
electoral pact which failed, to 
jBateriailae. 

But the Csasetrstive Party, 
like the Independents aud the 
PFP. is rise looking forward 
to the next elections An la 
IMk . Its leaders calculate 
that without an elec toral pact, 
the e xtram o right-wing Hdv 
stfgte NaMoule Party (HNP) 
win lose its osriy seat leering 
the path open for a soUd 
right-wing vote for the Con- 
servatives In 1989. . 

JEf left and right in cor- 
rect, the next two years will 
see a fundamental realign- 
ment and polarisation of 
South African white potttke* 
with the NP squeezed from 
both aides. 

which Indians and Coloureds as 
well as whites now have their 
separate hwewr . 

The main obstacle to the com- 
pletion of this scheme is the 
existence of over 10m blacks 
living in townships and toms 
in “White South Africa” who 
do not have political representa- 
tion or votes either in the bonus 
lands or In South Africa. 
Because of this, “one of the 
alms of the election u to seek 
a new mandate to accommodate 
blacks In the political process," 
Mr De Klerk added. 

Just how this is to be 
achieved remains obscure as 
President Botha has specifically 
ruled out the creation of a 
fourth chamber in parliament 
While presenting his 
rationally argued vision of a 
neo-apartheid future Mr De 
Klerk gives no hint of the in- 
tellectual revolt in Afrlkaner- 
dom against this ethnic concept 
of politics and the groping 
towards more flexible policies 
based on freedom of associa- 
tion across colour lines. But he 
is certainly aware of It 
The De Klerk family, active 
in Afrikaner politics for three 
generations. Is itself deeply 
divided like so many other 
Afrikaner families on this issue. 

Elder brother Willem 
“Wimpie” De Klerk, who 
coined the terms vcrligte and 
Verkrampte to distinguish the 
enlightened and conservative 
strands of Afrikaner thinking , 
has just resigned as editor of 
Rapport, the influential 
Afrikaans Sunday paper. He 
was too liberal and critical of 
party orthodoxy for the 
Verkramptes who now dominate 
the party 

But F. W.'s priority is not to 
woo disaffected Afrikaner 
yuppies or attract English- 
speaking liberals from the PFP 
but to reassure nervous, politi- 
cally unsophisticated middle- 
of-the-roaders and to head off 
the right-wing challenge. 

He seems the perfect man 
for the job. If he succeeds in 
consolidating his Transvaal 
power base, the eventual 
leadership will be firmly within 
his grasp. But whether this 
archetypal product of the 
system will be capable of 
giving a new sense of purpose 
and hope, not only to whites 
but to all other races, remains 
in doubt 

At present he still looks more 
Uke an intelligent pragmatist 
determined to make the 
entrenched Ideological system 
work better than a man with a 
new vision of a modem, n on- 
racial future for South Africa. 


'AS BEDSIDE reading this 
week's near euphoric survey of 
the UK economy by tbe Con- 
federation of British Industry 
should have been just the thing 
for Tony Balding. 

After all, his machine tool 
business has been moving in 
just the same barn-storming 
direction as the CBI’s own 
industrial trends survey. 

As joint managing director of 
Beaver, a family firm in Nor- 
wich. Mr Balding has been 
spending many long hours 
beb;rri the wheel of his Audi 
Quattro just keeping up with 
the company's growth. 

A smati machining and 
assembly plant was opened in 
Suffolk in January and yester- 
day construction began on 

Beaver's latest addition, a fac- 
tory in Peterborough. 

Sales last year of Beaver's 
home-designed and manu- 
factured mac hining centres and 
lathes were up 35 per cent to a 
record £11.5m. They look like 
topping £14m this year, with 
unit volumes jumping by a fifth. 

Mr Balding and his father 
Victor, the other oo-znanaging 
director have the satisfaction 
of owning factories humming 
along on seven-day, four-nights- 
a-week shift working. Mr Bald- 
ing junior is off to seek orders 
in China later this month to 
try and keep his workforce of 
almost 300 busy. “ The market 
is good,” he says. 

So, as a successful manager 
whose business is growing, 
does he feel part of the 
“ booming Britain " described in 
the survey? And what does he 
make of the optimistic conclu- 
sions in the CBI's 165-page tone 
on the health of British In- 
dustry? To tbe latter, the 
answer is “ Not very much. 

“ I would not echo those 
statements. There's simply no 
depth left in manufacturing in 
Britain. It is getting shallower 
all the time too and because of 
that I just do not know how 
you can have a strong economy." 

Mr Balding, 40 years old and 
a graduate in management and 


Man In the News 


Tony Balding 

Taking 
the bloom 
off the 
boom 

By Nick Garnett 



production engineering, Is cer- 
tainly no member of the strident 
doom-and-gloom brigade only 
too readily found in the bat- 
tered towns of England’s North 
and Midlands. 

The question of whether 
many companies are really doing 
better now than they were a 
few years ago is not at issue, he 
says. Of course they are. Of 
course the business climate is 
better than it was in the late 
70s and early 80s. Of course 
some companies have got their 
acts together. 

But on whether the UK can 
prosper and grow, Mr Balding 
Detects more than a bit of com- 
placency in the CBI report “I 
really found it difficult to 
rationalise what I read in the 

papers. There's just been so 


much destruction here, so much 
breaking up of businesses. 

“Maybe thing s will change. 
Perhaps there are some new ad- 
vantages coming for us with the 


yon let so much of it go as we 
have, you can’t get it back. I 
mean if the Pyramids had been 
flattened no one would have re- 
built them. 


If the Pyramids had been 
flattened no one would have 
rebuilt them 


yen and so on. I just hope this So he is alarmed when he 
country has got the where- looks at the Rover 820 be has 
with al, but Z really wonder now on loan at the moment while 
if we have ia manufacturing. If his Audi Is out of commission. 


"Basically the Rover Is a bloody 
good car," he says. “But isn't 
it a shame that the company 
is using a lot of Japanese tech- 
nology and design to be effec- 
tive in the market place. It is 
all indicative of a slide in manu- 
facturing. That ia what worries 
me. 

“I’ve just been up in the 
north-east at a big engineer! 
factory that is being closed and 
all those big machines taken 
out. The site is going to be 
bulldozed. It really breaks my 
heart.” 

Mr Balding’s opinions are 
lent force by the fact that his 
company believes In in-house 

manufacturing to an extent 
which is rare these days in 
Britain. Beaver makes many 
components that are outsourced 
by other British machine tool 
builders, does its own sheet 
metal work and even .designs 
and manufactures some of the 
printed circuit boards used in 
controls. 

The reference to Japan has 
a certain irony. Beaver will 
soon find itself in head-to-head 
competition with Yamasaki’s 
newly built machine tool plant 
in Worcester, which Is threaten- 
ing to eat further into the 
British market. 

When asked what can be 
done about the problems that 
concern him, Mr Balding frets 
about many of the things that 
appear regularly on other 
people's worry lists, such as 
levels of training and the tax 
structure for encouraging in- 
vestment He also thinks Gov- 
ernment should have taken 
measures to protect industry 
against imports. 

But Mr Balding says he Is not 
very political. UK governments 
of all persuasions tend not to 
understand manufacturing, he 
thinks. So who will he vote for 
In the election? “ Z wouldn’t say 
I was a supporter of the Con- 
servative Party. But at the end 
of the day you have to put your 
cross aga in st someone's name." 


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Financial Times Saturday May 2 1987 


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WITH THE Labour Party trail- 
ing badly in the polls, amid 
calls lor tactical anti-Tory 
voting, some trade union 
leaders are starting to contem- 
plate the unthinkable. Can 
they continue to invest their 
unions' hard pressed funds and 
their political hopes in a party 
that looks aet to lose again? 

That the question should be 
asked at all, even in private, is a 
measure of the strains between 
the unions and the party. Bound 
together in history Labour has 
relied on the unions to provide 
the lifeblood -of finance and acti- 
vists. The unions have relied 
on Labour as their sole politi- 
cal voice. ■ 

In part, the strains reflect 
the politics of the last eight 
years. Labour fell from power 
in 1979 through its failure to 
deliver its supposed trump card 
— union acquiescence to a pay 
policy. The Government’s 
attack on the unions, as un- 
democratic,. disruptive vehicles 
for inefficiency, combined with 
the 1984-85 miners’ strike, have 
persuaded many Labour politi- 
cians that they should play 
down links with the unions. 

Most union leaders say they 
need a Labour government 
more than ever to restore their 
strength and prestige. But in 
the last eight years, they have 
increasingly had to fight for 
themselves. 

The immediate pressure for 
union soul-searching is the 
stream of opinion polls show- 
ing the Conservatives well in 
the lead. But calculations about 
voting shares and seat numbers 
mask a deeper issue. 

Union leaders are beginning 
to come to terms with the per- 
manence of the Alliance as a 
third force in British politics. 
And with that comes a further 
question: what role could the 
unions play in a post-election 
realignment of the centre? 

On the right there is some 
talk of a major realignment 
should Labour fail markedly to 
improve its standing. Predict- 
ably this is associated with the 
modernised “new right” of the 
movement, the Amalgamated 
Engineering Uni on an d the 
electricians union EE7TPU, who 
proudly trumpet their com- 
puter-based, democratic deci- 
sion-making and their progres- 
sive “market unionism 1 * ap- 
proach to industrial relations 
on behalf of core workers. 

These and other right-wing 
unions believe two issues will 
be central to a Labour defeat. 
The party's unilateralist defence 
policy and the prominence of 
the . so-called “loony -left," 
pioneering what it sees as 
egalitarianism over race, gender 
and sexual orientation through 
Labour councils. 

These policies are identified 
with the fashionable of the 
metropolitan, middle classes. 
They are held to have little or 
nothing to offer “ ordinary 
working people.” 

After an election defeat; so 
the argument goes, these right- ' 


UNIONS AND THE LABOUR PARTY 


&BN > C 










' .U Mil* 


r DO t DETECT A WHIFF OF MPBiOtNa DOOM? 


The unthinkable is 
on the agenda 


wing unions will demand major 
changes in labour’s policy and 
character. As one union leader 
puts it: “We wciuld want to 
get rid of all those people who 
have consistently embarrassed 
the party with barmy policies.” 
Without this, be foresees a 
major realignment. 

Under this doomsday scenario, 
Mr Neil Kinnock would be 
deposed as party leader. Elected 
to bridge the gap between the 
wings of the party he would, 
it is believed, obstruct a pull 
to the right Jf he proved 
difficult to budge, same right- 
wing unions would distance 
themselves from the .party and 
start trying to deal with the 
Alliance, leaving it open as to 
whom they would throw their 
weight behind in the first elec- 
tion of the 1990s. 

But this logic is greeted with 
widespread scepticism. “ Do not 
underestimate the strength of 
the' ties between the unions and 
Labour. Where would these 
unions really go to?” asks one 
right-wing union leader. 

The Social Democratic Party 
is still viewed as an anti-union 
party. It was partly the product 
of disenchantment with union 
behaviour during the Me 1970s 
and Dr David Owen, party 
leader, is believed by most 
union leaders to be on as draco- 
njanally an anti-union path as 
the Government. 


By CHarles Lead beater 


Mr John Golding, the right- 
wing leader of the National 
Communications Union, who 
would be considered a prime 
candidate for joining a realign- 
ment, remarks: * “It Is not a 
working class party. All the 
working class people who initi- 
ally ‘ joined it have dis- 
appeared.” 

It seems that a realignment 
of trade union political support 
would require a simultaneous 
political shift by a substantial 
body of Labour uPs, including 
senior figures such as Mr John 
Smith, shadow trade and in- 
dustry spokesman, and Mr Roy 
Hattersley. deputy leader. 

But even union leaders who 
dismiss the idea of unions de- 
serting Labour see major 
changes ahead. 

Mr Ron Todd, of the Trans- 
port and General Workers 
Union, and Mr John Edmonds, 
of the General Municipal and 
Boilermakers, believe the 
unions have to become more 
involved in the party's cam- 
paigning. 

Mr Todd has no time far 
those who are already planning 
for a Labour defeat. But his 
recent fighting speech at the 
Scottish TUC was largely taken 
up with warnings of what the 
Government would do when re- 
elected: Even his dogged opti- 
mism carries the whiff of im- 
pending def eat. 


Some general secretaries be- 
lieve the unions will not be pre- 
pared to invest as much money 
in the party as before. The 
implication is that the onions 
will have to change their 
character as political organisa- 
tions by using this money to 
influence public opinion 
directly, rather than relying on 
Labour. 

There is even talk of reopen- 
ing the debate over the party's 
decisionmakkig which tone it 
apart in 1981: “In the long term, 
we will not get the kind of 
policies needed to sell the 
party unless unions come to 
play a more crucial role in 
decisionmaking,” says one 
general secretary. This would 
include changing the make-up 
of the electoral college used to 
choose the party leader and the 
way candidates are selected. 

One factor which tends to 
slow down change is the un- 
certain political colour of the 
union movement “The key to 
the party's political direction is 
the TGWU,” says one right- 
winger. 

The leadership of the TGWU, 
Britain’s largest union, is 
apparently engaged in a power 
struggle in which right-wingers 
and former broad left sup- 
porters have allied to challenge 
left-leaning Mr Todd. Though 
there is a reluctance to pre- 


sent the struggle as anything 
more than a personal contest, it 
does reflect a sense of political 
drift, with the centre-right 
block asserting the tradition or 
the unions’ mighty past. 

A certain victim of a Labour 1 
election defeat will be the un- 
easy status quo at TUC head- 
quarters. “We will have to look 
at that whole bureaucracy, a 
task we have put off for eighi 
years. There is no point in 
producing budget submissions 
for a Chancellor who does not 
read the first page. The 
organisation has to be turned 
round to influence public 
opinion more directly,” says 
one general secretary. 

Others believe the unions 
will also have to rethink their 1 
dealings with Government and 
try to establish a place in the 
debates it initiates. Some be- 
lieve it may be possible to find 
common ground with even a 
third Thatcher Government on 
non-industrial relations issues, 
such as energy policy. 

The very discordancy of 
union views, however, suggests 
the first result of a Labour de- 
feat could be a self-destructive 
struggle within the TUC, spil- 
ling over into the party and 
putting the authority of Mr 
Kinnock to the test. The 
positions taken by Mr Smith 
and Mr Bryan Gould, the 
party’s campaign co-ordinator, 
as well as centre-right union 
leaders, would be crucial in de- 
termining how far the blood- 
letting went and where it led. 

Some, though, remain san- 
guine, “We have been out of 
power for 13 years before. The : 
wheel will tom again, the 
economy is beading for another 
downturn. There is no need for 
drastic change — just a long, 
patient haul,” says one union 
leader. 

Others, who want to shift the 
party decisively to the right 
and to reflect the “aspirations 
of onr peonle know that in- 
creasingly those aspirations are 
being articulated through the 
individualism of the market 
rather than collectivism of the 
unions. The appeal to ordinary 
working people seems more a 
political totem than a descrip- 
tion of a social group prepared 
to fall behind Labour’s burner. 

At root, though, it is this 
self-image which prevents many 
union moderates conceiving of 
a major realignment of the 
centre which could embrace the 
modem technocratic appeal of 
the SDP. 

It may be that the unions’ 
grass roots attempts to come 
to terms with changes in the 
labour market — combining the 
growth of a periphery of part- 
time and temporary workers, 
with organising core workers — 
may produce both the intellig- 
ence and the political base to 
reinvigorate the labour tradi- 
tion in the late 1980s. But it 
could also be that 1987 will be 
the year when Labour’s long- 
halted march dissolves into 
disarray. 


Marching to the 
media’s tune 


A PEW YEARS ago Cambridge 
students protesting about grant 
cuts organised the overnight 
occupation of a large lecture 
ball. A demo in the great tra- 
dition of the 1960s? 

Weil, not quite. First the 
students’ union went to the 
university authorities and 
hired Lady Mitchell Hall for 
the occupation. Their predeces- 
sors. whose revolts two decades 
before had prematurely aged 
a generation of vice-chancel- 
lors, would have been speech- 
less. 

As student demonstrations 
have changed, so has the 
nature of protest in other 
walks, or in this case, marches 
of life. 

The days of hoping to 
achieve much with a big 
march, banners and bagpipes, 
seem to be over. Today, the 
demo, and the protestors’ un- 
mistakable principal target, 
has had to change. 

" Only If it’s portrayed on 
television can dt be really 
effective. You have to do 
something different to attract 
media attention and, let's face 
it. that’s what it’s all about if 
you want to influence parlia- 
ment and get changes.” says Ms 
Molly Bleacher, national co- 
ordinator of tomorrow’s Hands 
Across Britain human chain. 

She hopes to mobilise 
350,000 people, linking hands 
in a line from Liverpool to 
London, to draw attention to 
tiie need for policies to reduce 
unemployment. 

“The 350,000 will represent 
just one-tenth of the total 
unemployed. We need the visual 
image to portray the magnitude 
of the problem. Traditional 
demonstrations, the mass meet- 
ings in Hyde Park, have lost 
their significance: they’re a 
thing of the past” 

Few people would disagree 
with this opinion, including 
those with years of experience 
organising just such events. 

To Peter Hain, the veteran 
campaigner who scored his first 
success at 19 organising the 
protests which forced the can- 
cellation of the 1970 South 
African cricket tour of England, 
demonstrations were novel at 
that time. 

“ In the late 1960s, early 
1970s, you could rustle up a 
demo at a moment’s notice. 
They made an impact and posted 
a threat to the established 
order which would sot be the 
case now.” 

Most demonstrations held by 
trade unionists today teod to 
be historic, marking anniver- 
saries. like the annual Tol- 
puddle and GCHQ marches. 


events that do not split union 
opinion. Days of action are 
rare. 

“People often feel it’s no 
use demonstrating against this 
Government,’’ says Tom Sawyer, 
deputy general secretary of the 
National Union of Public 
Employees. “It's a dialogue 
with the deaf." 

The two TUC-sponsored 
people’s marches for jobs in 



Fiona Thompson on 
the changing 
face of protest 


1981 and 1983 were “not ter- 
ribly effective. They didn’t 
engage the public conscious- 
ness." 

Unions have had to alter their 
traditional methods of protest 
to accommodate the changing 
mood and composition of their 
members, holding youth pop 
concerts and women's days. 

“We have moved beyond 
Saltley Gate “ (when thousands 
of people poured out of fac- 
tories in Birmingham and 
marched on the Saltley Gate 
coke depot in support of the 
miners in 1972). says Peter 
Ashby, director of the indepen- 
dent think-tank. Action on Long 
Term Employment, and a 
former TUC officiaL 

The old notions of “macho 
collectivism” do not count as 
much as they did, he says. The 
grand gesture can too often be a 
substitute for fresh thinking and 
creativity. 

“ The problem with tradi- 
tional demonstrations is tradi- 
tional demands and traditional 
slogans. What the unemployed 
need is non-traditional routes 
back into work.” 

The resurgence of the peace 
movement and the role of 
women in it has also led to a 


new kind of protest, a change 
from the essentially labour- 
movement-based, white, male, 
working class traditional demon- 
strations of the past. 

“There is a far wider base 
of support now,” says Joan 
Ruddock, former chairman of 
the Campaign for Nuclear Dis- 
armament. In addition, direct 
action in the form of civil dis- 
obedience is becoming more 
common. “It is sometimes the 
key to change” she says. The 
peace movement has long 
realised the importance of the 
visual impact, knowing full well 
that 30,000 women encircling 
the perimeter of the US Air 
Force base at Greenham Com- 
mon as they did in December 
1982, teddy bears and child- 
ren's clothes pegged to the 
fence, was a picture few tele- 
vision or newspaper editors 
could resist. 

Changed legislation has also 
put a new face on protests. 
“Demonstrations in the 19S0s 
are tied up in great amounts of 
legal red tape. The police have 
greater power to regulate than 
in the 1960s and 1970s.” says 
Peter Hain. “The restrictions 

placed upon people now are 
such that a spontaneous upsurge 
of feeling is immeasurably 
harder to express.” 

The police presence at the 
average demonstration is 
heavier than in the past, most 
organisers feel. There is less 

tolerance on behalf of both the 
police and demonstrators and 
a much lower threshold 
between peaceful and violeat 
demonstrations. 

“ You do expect to see the 
police now. They were every 
50 yards at last Saturday’s CND 
march,” according to Maureen 
Brown, who was at Alder- 
maston in 1960 and has been 
active in her local peace cam- 
paign in the staunch Tory 
town of Leighton Buzzard, 
Bedfordshire, for many years. 

It is harder to motivate 
people now. to get them to 
come out and get physically in- 
volved, she says. What makes 
her continue? 

“If you look at our history, 
the Chartists, the suffragettes, 
you can see that protests do 
work, bag movements do 
change things. 

11 The demonstrations are 
tremendously uplifting. It is 
wonderful to find thousands of 
people feeling the same, 
especially after months of 
battling away in Leighton Buz- 
zard. thinking I'm a bit of a 
nut case. 

“I continue to demonstrate 
because we still have nuclear 
weapons. You cannot let other 
people down.” 


Privileged 

employees 


Letters to the Editor 


From Mr J. Shuttleworth 

Sir, — Comment on the “early 
leaver problem” created by the 
Budget pension proposals has 
centred around the effect on 
people changing jobs, of the 
restrictions on lump sum pay- 
ments and the increase from 
10 to 20 years before the maxi- 
mum two-thirds pension can be 
built up. There is a third 
feature of the pre-Budget Day 
regime— specifically there to 
aid the mobility of top execu- 
tives changing employers late 
in life— which allowed the new 
employer to insulate the execu- 
tive from any adverse effect on 
his retirement benefits by giv- 
ing him the pension (and lump 
sum) he would have received 
from his former employer. 
Introduced in 196L the "pre- 
vious expectations” concession, 
as this is called, has not been 
widely used since 1970 as 
employers have been able to 
provide their employees with 
maximum benefits after 10 
years’ service. Under the Budget 
proposals, new employees can 
only be given maximum bene- 
fits after 2d years service so it 
-would be expected that the 
previous expectations concession 
would become more relevant in 
the future. Unfortunately, the 
Finance Bill, as presently 
drafted, appears to bring to an 
end this sensible Revenue con- 
cession. 

It is not dear to me why the 
Chancellor thinks it is right to 
limit the man who changes jobs 
to lower overall benefits than 
the stayer. My confusion is 
increased when those who 
endeavour to use the con- 
cessions to obtain the level of 
benefits granted to all career 
civil servants are described in 
the Budget Day Press release 
as “certain privileged em- 
ployees! 

John Shuttleworth 
(Associate Director, Acturial 
Benefits Consultancy)! 

Coopers ft Ly brand, 


Alert to 
danger 

From the Drputy Chairman, 
Waft Committee on Energy. 

Sir,— I refer to your coverage 
(April 25) of the one year 
anniversary of the Chernobyl 
nuclear reactor accident. 

At Chernobyl, operators were 
able to disconnect the safety 
provisions, and the safe opera- 
tion of the reactor was left to 
the judgment of control room 
staff. 

Sue fa action is not- possible in 
Britain where nuclear reactor 
plant will shut down automatic- 
ally if any of several criteria. 


operators are trained and in- 
structed to keep the safety of 
the plant as the paramount 
consideration. 

As your article “Dozy days 
at Peach Bottom” indicates, 
operators can find it difficult to 
remain alert to dangers which 
are automatically catered for. 

Here is a field for discussion 
and research of considerable 
importance; how can operators 
be kept alert and interested 
with plant that has automatic 
fail-safe provision? Have we 
got this right in Britain? 
Norman G. Worley. 

Savoy RiU Bouse, 

Savoy Hill, W.02. 

Big Bang and the 
customer 

From. Mrs J. Sculley 

Sir,— The Stock Exchange 
was originally referred to the 
Office of Fair Trading because 
it operated a closed shop which 
Should be opened to competi- 
tion, so benefiting its custo- 
mers. The present situation is 
as follows: 

Listed companies, if they 
wish their shares to continue 
to be quoted, are facing in- 
creases in their listing fees of 
between 90 per cent and 150 
per cent. 

The small investor is still 
paying a minimum commission 
(in some cases more than pre 
Big Bang) and the commission 
rate is Still 1.65 per cent on 
mall bargains. Settlement is 
taking longer due to the over- 
loading of the system. 

The institutions are the main 

beneficiaries, they either pay 
no commission or at worst a 
much lower rate than before. 
Mrs J. M. Sculley. 

S, Thanet Road, 

Badey, Kent. 


Tdephone 

banking 

From the General Manager, 
Financial Services, 

T SB Enpfofid and Wales 
Sir*— Mr E. V. Maries (April 
23) expressed concern about 
the security of Speedhnk, TSB 
England ft Wales’ new tele- 
phone banking service, and won- 
dered whether it would prove 
to be just another gimmick. 

Security is not a matter which 
any bank can afford to take 
lightly and In the case of Speed- 
link. safety devices have been 
built in at every stage of the 
process. 

To access an account a custo- 
mer muse quote two sets of 
identification numbers plus 


their bank account code. The 
ability to transfer funds from 
one account to another, or pay 
a biH, must be preauthorised 
with the customer’s local 
branch. 

In the case of a joint account 
between husband and wife, it is 
common practice for a “ payable 
to either” mandate to be held 
by the bank. Where Speedlink 
is concerned, transfer of funds 
from the account by either 
party would depend on both 
agreeing to and maintaining 
such a mandate. 

As to whether SpeetHtnk wiH 
be viewed as a gimmick, we are 
investing considerable sums in 
this service because research 
indicates that our customers 
will both welcome Speedlink 
and use it The simplicity and 
convenience of the system win 
give real and immediate bene- 
fits— and it is still early days. 
The potential of this system for 
both personal and business bank 
customers is enormous. 

Remember, there were those 
who said the motor car would 
never catch on. . . . 

Charles Love. 

60 Lombard Street, ECS. 

Gazumping and 
buyers 

From Mr T. Blenkin 
■ Sir,— As an estate agent, I 
greatly enjoyed your article 
published under the name of 
Ray Mgadzah, is the supple- 
ment on April 25. To have pro- 
duced an article tike this as a 
way of demonstrating bow in- 
ept would-be buyers are their 
own worst enemies was a 
master stroke. Property ven- 
dors gad their agents across the 
country must have chortled 
with mirth to see the age old 
problem so cleverly senz up. 

But it really is a serious prob- 
lem; the buyer who attempts to 
obtain a 100 per cent mortgage, 
without which he is unable to 
afford the carpets in the house, 
and who (hen spends 2} months 
failing to secure the necessary 
finance is a common enough 
figure, and is the despair of 
every right Thinking agent Yet 
it is buyers just such as your 
Mr Mgadzah who wail about 
gazumping, and are surprised 
and hurt when the vendor of 
the property which they seek 
to buy yields to die temptation 
of a higher offer from a party 
In a position to proceed. 

What of the vendor? How 
many houses have slipped 
through his grasp while the pur- 
chaser of his house falls to 
arrange finance? Vendors, it 
appears, are not allowed to 


complain; it is only buyers who 
can be gazumped, and only 
buyers who apparently have a 
reasonable cause for complaint. 

Your witty article has pointed 
up the deficiencies of the 
system in a most entertaining 
m a nn er, and I congratulate you. 
I have been trying to work out 
whether your correspondent's 
name is in fact an anagram of 
the word gazump or something 
akin to It, but I have so far 
been unsuccessful. 

Tim Blenkin, 

Jacks On-Stops and Staff. 

23 High Petergate, 

York. 

Learning to 
win 

From Mr E. Wilson, 

Sir. — Mr Coggan (Weekend 
FT Sport. April 25) is not alone 
in lamenting the de clin e in 
cricket tuition in state sector 
schools. His conclusion however, 
that the future of England 
cricket lies exclusively with the 
Ponsonby-Smythes of Eton and 
Harrow is hasty and alarming. 

Mr Coggan and other prophets 
of cricketing doom would serve 
the cause of cricket better were 
they to report on the dub-led 
coaching that is now under- 
taken to bring on young 
cricketers. 

In the Huddersfield area 
alone, a public programme of 
coaching at five separate centres 
for under-13 and under-17 ages 
is held every winter. At my dnb 
we have held weekly under-13 
indoor coaching throughout the 
last two winters and other dubs ; 
do likewise where facilities 
allow. - 

I stress that these sessions are 
not simply practice nets but for- 
mal structured basic-skill coach- 
ing sessions under the super- 
vision of qualified coaches who 
have taken advantage of the 
local coaching association cour- 
ses to learn how to teach young- 
sters the difficult and unnatural 
skills of cricket 

The instruction continues in 
outdoor nets throughout the 
summer. Each week In our area 
between 500 and 700 boys play 
junior league cricket on Sunday 
mornings and Wednesday even- 
ings and I believe that, in other 
areas, the situation is similar. 
We attempt to teach the boys 
to bowl up to the bat and bat 
down to the ball — so there is 
hope yet for Ur Coggan's be- 
loved cover drive ! 

I agree that the demise of 
state-sector school cricket is 
lamentable but as long as teach- 
ing is run by people who hold 
that competitive sport is to be 
discouraged it is perhaps fortu- 
nate that the shift to the dubs 
is happening (in Huddersfield 


at least!) and that boys are 
taught to bat, to bowl, to field 
— and to win. 

If Mr Coggan would like to 
visit us, we would be delighted 
to show him at first hand what 
we are doing— but . he is 
advised to bring his kit with 
him as he is certain to be 
roped in to assist! 

R. Wilson, 

Huddersfield YMGA 
Cricket Club, 

Lord Street, Huddersfield. 

Tactical 

voting 

From Mr S. Cox 

Sir, — Malcolm Rutherford’s 

article (April 24) on tactical 
voting, where he advises us 
against it, seems to miss the 
crucial point. Why should 
parties seek to maximise their 
national vote totals when this 
need not affect the result? The 
British system of government 
does not grant legitimacy on 
votes, but on possessing a work- 
ing majority in the House of 
Commons. Were the party with 
least votes to get the most seats, 

our Mother of Parliaments 
would continue unperturbed. 

Tactical voting arises because 
the current electoral system is 
manifestly inadequate. Under 

proportional representation, 
each party could seek to maxi- 
mise votes and seats won. 
Labour voters in Surrey or Con- 1 
servatives in Liverpool could ( 
vote with their heart and see , 
MPs of their choice elected. 
Tactical considerations — or 
strategic ones such as seeking 
to destroy a particular party — 
would all but disappear. 

What would we discuss if we 
no longer had tactical voting 
to talk about? I expect we could 
think of something. 

Stephen Cox. 

Electoral Refonn Society, 

6 Chancel Street , SE1 


/ ■ ■ ■ ■ ADVERTISEMENT 

BUILDING SOCIETY INVESTMENT TERMS 


Scooping the 
pool 


From Mr M. Allen 
Sir,— The article about busi- 
ness graduates scooping top jobs 
(April 22) was very reassuring 
to those of us who. up until 
now. were not totally convinced 
that Britain (or rather Eng- 
land) has the monopoly on 
business school education. At 
least we now know that “the 
ambitious climber should do 
their MBA at Manchester. Lon- 
don or Harvard University or 
at Cranfield Institute of Tech- 
nology ; presumably in that 
order. The knowledge that “ an 
MBA from any other institution 
may be acceptable but it will 
not confer an automatic head 
start" should be enough to 
p ut th ose upstarts like INSEAD. 

IESE, Stanford, tmt 
and the Nazareth College of 
Kalamazoo firmly in their 
place. 

Micky Allen. 

Am Hahnen 3, 

Kassel W. German^. 


Abbey Nation! (01-4865555) 


Aid to Thrift (01-638 0SU>. 
AMaoco and Leicester* 


Barnsley (0226 299601) 

Birmingham Mldshlres 

(09027107X0) 

Bradford and Bbigley (0274 561545) 


Brim and Wat (0272 294Z7U- 


Brtemila <05 38385X3 X1 

Cardiff (0222 2732B) — 

Catholic <01-222 6736/7) 

Century (EdlobutM <031 556 X71X) 

Chelsea 

Chel tenham and 6 tooccter 

<024236X61) 

CheshuBt <099226261) 

City of London, The <01-920 9200) 
Coventry (020352277) 


FroraeSe! wood (0373 64367) . 
Gateway (0903 68555) 

Greenwich <01-858 8212) 

Guortfian <01-242 08X1) 

Halifax* - 


Lambeth (01-9281331) 

Lancastrian <061 643 1 021) — 
Leamington Spa (0926 27920) , 


Leeds and Hofceck (0532 459511) — 


London P e r ma nent (01-222 3581) , 

Hanfien <0282 692821) 

Mpmlngton (01-48 55575) — 

National Counties (03727 42211) _ 
National and Provincial* 


Nationwide <01-242 S82Z) 

Newcastle (091 232 6676) 

Northern Rock (091 265 7191) . 


Norwich A Peterta'gfc (0733 51491) 

No t tin gham (0602 419393) . 

Pcddttffi (Freephone PeefchanO 

Portmaa (0202 292444) 

Portsmouth (0705 67134 1) 

Regency <0273 724555) 

Scarborough <0723 368155) 

SUptei (0756 4581) — 


Stroad and S wi ndow* 

County <0273 471671) 
Town and Country (01-3531476) 


Wessex (0202 767171). 
Woolwich* 


Yorkshire (0274 734822) . 


Applied 

Net 

interest 

P redact ram net 

CAR 

paid 

Sterling Asset 

935 

925 

Yearly 

Five Star 

875 

875 

Yearly 

Cheque-Save 

875 

8.94 

> 2 -yeariy 

Share Account 

630 

639 

ij-yeariy 

Ordinary Sh. Acc. 

930 

920 

tz-yearfy 

Prime Plus 

930 

930 

Yearly 

Gold Pius 

880 

880 

Yearly 

BankSave Plus 

825 

8-25 

Yearly 

ReadyMoney Plus 

630 

639 

la-yemiy 

Cap. Share 90 

875 

894 

iz-yearfy 

Cap. Share 90 

9.00 

920 

>9-year1y 

Capital Plus 

9-25 

925 

Yearly 

Summit 2nd max. 

935 

935 

M /Yearly 

Premier Access 

875 

875 

Yearly 

Premier Guaritee 

935 

9.46 

> 2 -year 1 y 

llaximlser Bonos 

830 

850 

Yearly 

Yearly 

Madmtser Inc. 

930 

930 

Maxlmber Grwth. 

935 

925 

Yearly 

Bluerwrd 

630 

639 

tryearty 

Triple Boms 

880 

830 

Yearly 

Tr. Boms Income 

855 

839 

Monthly 

Special 3-Month 

935 

925 

Yeariy 

No. 1 income 

9.00 

938 

Monthly 

O' seas lnv. Bd. 

— 

- — 

Yearly 

TrhL Sup. Gold + 

935 

9.05 

Yearly 

90-D*y Account 

935 

925 

>rye«rly 

Jubilee Bond II 

935 

925 

M /Yearly 

F*d. Rate 2/3 Yrs. 

930 

930 

Yeariy 

Lion Sirs- (S. (ssJ 

935 

935 ' 

’ Yearly 

ChetL Gold 

935 

9.05 

Yearly/M. 

Che It. Premier 

890 

927 

Monthly 

Spec. 4-Term Sh. 

930 

930 

M/Yearly 

Instant Access 

930 

9.00 

M/Yearly 

Capital City Gold 

930 

9.00 

Yeariy 

Moneymaker 

wire 

BQ4 

Yearly 

Moneymaker 

730 

730 

Yearly 

3-Year Bond 

850 

830 

Yeariy 

90-Day Option 

850 

830 

Yearly 

Gold Minor Ace. 

930 

9.73 

» 2 -yearly 

Star 60 

930 

930 

Yearly 

Yearly 

Gold Star 

875 

875 

60-Day Accounts 

935 

925 

Monthly 

Premier Saras 

895 

925 

Quarterly 

Cardcash 
90-Day Xtra 

630 

875 

6.09 

894 

J55£Sy. 

90-Day Xtra 

935 

9.46 

M/tz-yrfy. 

6-Month Shares 

952 

9.75 

^yearly 

Magnum Account 

930 

920 

12 -year ly 

Masterplan 

9.40 

9.40 

Yearly 

Fully Paid 

535 

SAZ 

Vyeariy 

High Flyer 

850 

850 

Yearly 

Soper 90 

730 

875 

730 

875 

Yearly 

Yearly 

Capitol Interest 

825 

9.00 

825 

9.00 

Yeariy 

Monthly 

Capital Access 

930 

930 

Yearly 

Liquid Gold 

830 

800 

Yeariy 

Premium Reserve 

935 

925 

Yearly 

Pay & Save 

630 

639 

« 2 -yearly 

Premium Rate 
Premium Rate 

825 

930 

8.42 

921 

V yearly 

Monthly 

_ Rainbow 

930 

930 

Yeariy 

Rainbow 

930 

930 

Yearly 

Momingtan 28 

935 

9.«6 

l^raarty 

Emerald Shares 

9.73 

9.75 

Yearly 

90 Days Account 

9-25 

925 

Yearly 

PnOnUUj inCOfTw 

9.00 

930 

Monthly 

Money MoomrtL 

875 

875 

Yearly 

Capital Bond 

825 

825 

Yeariy 

BonosBuiMer 

800 

800 

Yeariy 

Capital Bonus 

825 

p.PC 

Yearly 

Nora Plus 

855 

835 

Yearly 

Nova Plus 

880 

830 

Yearly 

Mnysplmr. Plus 

930 

930 

Monthly 

Pram. Gwth. End. 

8-75 

830 

9.00 

8.75 

830 

938 

Mommy 

Monthly 

Monthly 

Two Cities 

805 

805 

MJYaariy 

Sterling Growth 

930 

932 

b-ytariy 

Super Shares 

9.00 

938 

Monthly 

GoM Seal Sham 

935 

935 

Yeariy 

3-Year Share 

930 

9.73 


Plus 

930 

930 

Yearly 

Sol. GUL Cap. 88 

930 

930 

M /Yearly 

Sovereign 

840 

8/40 

Yearly 

Sovereign 

7.75 

7.75 

Yearly 

Sovereign 

735 

735 

Yeariy 

Century (2-yoar) 

930 

930 

Yeariy 

Sussex 90-Dqy 

860 

860 

Yearly 

2-Yr. Super Term 

935 

925 

Yearly 

MoneywHe 

875 

875 

Yearly 

Super 60 

930 

930 

Yeariy 


881 

9.00 

iwearty 

Capital 

Prime 

7.75 

830 

7.90 

800 

M/ij-yrly. 

Yeariy 

Gumtd. Prm. Shs. 

825 

a25 

M /Yearly 

Plallman Kay 

873 

875 

Yearly 

Platinum Key 

930 

930 

Yearly 

Yearly 

Platinum Key 

9-25 

925 

Golden Key 

933 

935 

Yearly 

ie see local directory. CAR - 

r Annual yield after 


balance Access and other detaB 
Tiered Inst- ov. £10K 930/842+toarus 
Tiered Instant 8 304UX1/7.75 
Tiered Chq. bit. 839/7351525 
O. Instant access 
£1 Easy withdrawal, no penalty 
00,000 3n.it 9.20 £2ijK+, 9£500+ 
€10,000 860 £21jK+, 7.75 £500+ 
£104)00 7.75 £2>zK+, 6.75 a+ourWB 
Q ATM access (min. bai. £100) 
£500 90 days' notlce/penafty 

€20,000 £10,000+ no penalty 
00,000 60 days' notice/ penalty 
£1,000 90 days’ noUpen. bai. — £1QK 

£10,000 Instant, £5,000850, £500 825 
£2,500 3-25 gtd. 2 yr., 60 d. noL/petv. 

£ 1,000 IrtsLacc. Bonusfortw wtbdrwte. 
€5,000 3 months. InL must be paid 

£5,000 3 months' notice 

£1 1ml Acc. OK+ 7-85 

£10,000 7 d N GK+ 830, £5K+ 835 


00,000 7 ±, 0,000+ 805, £5K+ 830 
£5,000 3 months/loss of Interest 

£5,000 3 months 

£1300 1237 gr- 3m-nt/pn_ non-UK res. 

£25,000 1mm. access, mthty- Inc. avail. 
£ 1,000 Inst- act- If min. baL £10K+ 
£2.000 90-d. penJnot. m. tnL tfr. 9.5 

£1 No withdrawals 

£500 I mm. wdl. InL pen. or 3 mfhs. 
Tiered No notice/pen- 9-05/8.80/835 
£10.000 Instant access after 6 months 
£20,000 90 days' notieefeenatty 
£20,000 instant access. Tiered aft: 
£2300 Instant access — no penalty 
£10,000 Inst. acc. no pen. mtbly. InL 
£5,000 £10,000 7.77, £5,000 733 

£1,000 Close 90 days' not. & penalty 
£5,000 £500+ 8.25 90 days' not/pen. 

£1 On demand: 0-18-year-oMs 
£500 60 days' notice or pmsilty 

£10,000 Instant £5K+ 850, £1K+ 8-25 
£10,000 (£500 - 8.75, £2SK - 900) 
£3,000 No not/pen. to bai. £3>t»0+ 

£1 Instant 7-85 (£2300+) 

£500 90 days, but instant where 

£25,000 £5,000 remains 

£1,000 £ 10 , 000 + no penalty 
£500 (925 £1016+) 6 W. + toss InL 

£20,000 Instant access no penalty 
£1 Immediate 

£10000 Wtthtk-awais on demand 
£ 2.000 without penalty 

£ 10,000 90 days' notice or hnm. ace. 
£1,000 + 90 days' loss of Interest 

£5,000 90 days' notice or penalty 

£5,000 Same N/A on baL £10,000+ 
£500 850 £5,000+, 875 £10,000+ 

£5,000 3.25 premium guaranteed 1 yr. 

£1 800 £2,000+ 

£500 83 £21jK, 8.75 £5K mJ. £5K+ 

£10,000 No notice or penalty 
£25,000 Min- bai. £500+ tiered int-+ 
00,000 + Instant access no penalty 
0,000 £L0K+ hn. -OOK 28d- ntJpfl. 

£25,000 Immetfiate if £20K remains 
£500 90 days' notice or penalty imder 

0,000 00,000 

00,000 No notice no penalty 
a ,000 Monthly income option 800 
£25,000 7.75 E10K+. 730 £5tC+, 7.25 
£2K+, 6.75 £500+ 

£25,000 830 £10K+, 7.75 £5K+, 
730 £500+ 

£5,000 8A5 £500 ptm. instant access 
£10,000 Monthly income £5,000 plus 
£20,000 Instant access no penalty 
£10,000 Instant access no penalty 
£5,000 8-05 £500+ Instant access 

£5,000 No wdh. 1 yr. then no noi/pn. 
£5,000 28 d. not/oen. Gtd. dW. 3.05 

£4000 330 gtd. 1 yr. then 90 d. o/pn. 
£ 2,000 £2,000 + no noticefecnahy 
£2JX0 3 months' notice after 12 mths. 

Instant access option 
£500 No restrictions over £10,000 
£10,000 No fiUpn. £5K 83, £2K 825 
£10,000 60 days' not, or loss of InL 
£18000 Instant aecess/No penalty 
£5,000 Monthly Income aval bile on 
£500 Investments of £2300+ 

£20,000 930 £2,000+, 90-day InL pen. 
£25,000 90 days' notke/penaKy 
£10,000 Guaranteed 3.25 differential 
£25,000 Chg.blL.VtatfATMeds.im.var. 
£10300 Withdrawal available 
£1 No notice no penalties 
£500 90 8 naupen., £10K+ imm. 

£30300 Instant access. 730 £500+, 
730 £5K+, 7.75 U0K+ 
£1300 90 days' net/pen. E10K+ imm. 

£500 60 days' noifee/ncnahy 

£10300 Instant aver £30,000 
£25,000 Instant over £30300 
Tiered NunoUpn. 935/83018351835 
interest compounded » 



10 


Finan cial Times Saturday May 2 1287 


Wardle Storey fails in bid 
for Chamberlain Phipps 


UK COMPA NY NEWS 

Christopher Parkes on the agreed bid for Combined English Stores 

Ratners not yet home and dry 


BY PHILIP COGGAN 

Wardle StoreyS* bid for 
Chamberlain Phipps failed 
yesterday when the plastics- 
sheedng and survival equipment 
group acquired or received 
acceptances for only 42.6 per 
cent of Chamberlain’s policy. 

The failed hid comes shortly 
after the successful escapes by 
Norcros from Williams Hold- 
ings and by Bryant from Eng- 
lish China Clays. 

Mr David Chamberlain, 
chairman of the shoe com- 
ponents and adhesives group, 
said: “We have been totally 
vindicated in our belief that 
Wardle Storeys had nothing to 
offer our shareholders. Clearly 
they have recognised that we 
have the management strengths 
necessary to pursue our chosen 
aims and develop the group’s 
profitability.’* 


He said he was certain that 
M and G had voted its 6.8 per 
cent stake against the Wardle 
offer. 

Wardle had first approached 
Chamberlain about a merger in 
January and when rebuffed 
launched a £44m bad in 
February. That bid was In- 
creased to a sevenfor-rwenty 
share offer with a. 157p cash 
alternative last month but In 
the last few days of the bid, 
Chamberlain's share price 
slipped well below the cash 
offer. Yesterday, it closed down 
3p at 144p and Wardle’s shares 
were down 21p at 475p. 

Chamberlain had attempted 
to evoke echoes of Pilkington’s 
successful defence against BTR 
by rallying its customers and 
unions to its support; local 


MPs unsuccessfully asked for 
the bid to be referred to the 
Monopolies and Mergers Com- 
mission. 

Wardle’s attacks on Chamber- 
lain's poor earnings record re- 
ceived a knock when the shoe- 
components group forecast 
26 per cent pre-tax profits in- 
crease to £7 .25m this year. 
Although thy.e was some scep- 
ticism at file profits jump. It 
did cast doubts on how much 
extra profits Wardle could 
squeeze out of the group. 

Although Wardle announced 
trebled interim pre-tax profits 
during the bid, it was unable to 
demonstrate that there was any 
compelling Industrial logic. 

Schroders acted as merchant 
bank adviser for Wardle Storeys 
and Barings for Chamberlain 
Phipps. 


WigfaDs in 
£6.5m sale 
to Granada 

Wigfalls, the electrical re- 
tailer, is to sell its rental and 
service opeartions to Granada 
Group for £6 .5m in cash. 

The Sheffield-based company 
has been running down its ren- 
tal operation for several years, 
Mr Thomas Cole, managing 
director, said yesterday. 

It is transferring about 
100,000 accounts to Granada, 
which has 2m television sets 
and video cassette recorders on 
rental. Granada intends, how- 
ever, to eliminate the rental of 
white goods such as washing 
machines. 

Wigfalls estimated that the 
operation made pre-tax profits 
of £880,000 in the year to March 
and that its assets have a net 
book value of £3.9m. 

The change of ownership may 
result in up to 100 redundan- 
cies, Mr Cole said. The comptny 
has earmarked £L85m of the 
sale proceeds to meet redun- 
dancy costs. 

Granada's Servicepoint sub- 
sidiary will take on about 210 
of 350 Wigf all's service employ- 
ees. 


Britannia Security £16m 
expansion into Europe 


BY CLAY HARRIS 

INA share exchange deal worth 
£15.801, Britannia Security 
Group is to make its first foray 
into electronically monitored 
merchandise tags with the 
acquisition of Swiss-based 
Checkpoint Europe. 

The deal also gives Britannia, 
a fast-expanding supplier of 
commercial and domestic 
security systems, its first access 
to continental Europe, where 
Checkpoint at present does 
more than 80 per cent of its 
business. 

Checkpoint's anti-shoplifting 
surveillance systems use hard, 
soft and adhesive security tags. 
Mr Fritz Fichl, managing direc- 
tor, will join the Britannia 
board. 

The share offer comes only a 
month after Britannia launched 
a £15m rights issue to eliminate 
borrowings and fund future 
acquisitions. Some £2. 08m of 
this cash will be used to buy 
Checkpoint subordinated loan 
notes held by Cato Investments, 
the company which owns 41 per 
cent of the Swiss concern. 

Britannia still had one or two 


other acquisitions in its sights, 
Mr Stephen Crown, vice chair- 
man, said yesterday. With the 
latest issue, Britannia will 
have increased its share capital 
by 58 per cent since the end of 
March. 

Checkpoint reported pre-tax 
profits of £469,000 on turnover 
of £5.3m in the six months to 
September 30. On March 31 last 
year, it had net tangible assets 
of £1.48 m. 

Britannia achieved pre-tax 
profits of £2m on turnover of 
flUm in the six months to 
December 3L 

With Britannia's shares 3p 
tower at 194p, its two-for-oue 
offer (already accepted on 
behalf of 52.6 per cent of 
shares) values Checkpoint 
shares at 387p, against yester- 
day’s USM price of 375p, up 
105p. Accepting shareholders 
wifi not receive Britaisnia’s 
0.72p final dividend. 

There is a cash alternative of 
360p underwritten by Samuel 
Montagu, Britannia’s merchant 
bank. Checkpoint was advised 
by Robert Fraser ft Partners. 


Sun Life chief faces opposition 


BY ERIC SHORT 

TransAtlantic Insurance Hold- 
ings has told fiie other share- 
holders in Sim Life Assurance 
Society that “in the present 
circumstances it may well find it 
difficult to support ” the re-elec- 
tion of Sun life’s chairman, Mr 
Peter Grant at the forthcoming 
annual general meeting on May 
13. 

This statement intensifies the 
personality clash between Mr 
Peter Grant and Sun Life's 
largest shareholder Trans- 
Atlantic in the attempt by the 
latter to get board representa- 
tion. 

TransAtlantic holds 25.7 per 
cent of Sun Life and is putting 
up three candidates for board 
representation at the AGM. 

The present board of Sun 
Life has bitterly opposed this 
move. However, the document 


issued by Sun Life a couple of 
weeks ago gives the appearance 
that - Mr Grant is - personally 
undertaking the defence against 
what he claims j s a backdoor 
attempt by Liberty Life of 
South Africa, TransAtl antic's 
largest shareholder, to gain 
control of Sun Life. 

Indeed, the expressions used 
in this document were ex- 
tremely hostile towards the 
move by TransAtlantic Life. 

The latest document to land 
on shareholders' doormats sets 
out the reasons for the Trans- 
Atlantic proposals. It repeats 
the assertion that the three pro- 
posed directors, including 
TransAtlanfic’s managing direc- 
tor, Mr Michael Middleman 
have proven records and appro- 
priate skills to strengthen the 
board and play a significant role 
in the future development of 


Sun Life. 

The document refers to the 
impasse that has now arisen 
between Sun Life and Trans- 
Atlantic and states that much 
of the responsibility for the 
situation lays with Mr Grant It 
claims that he has had 
numerous opportunities to avoid 
the present situation— a situa- 
tion that TransAtlantic con- 
siders must be damaging to file 
business and morale of Sun 
Life. 

Mr Grant said yesterday that 
30 per cent of the overall 
number of shareholders had 
already returned their proxy 
forms and only a handful were 
not supporting the Board. How- 
ever, Mr Mid die mas claimed 
that in his contacts with share- 
holders many were perturbed 
over the attitude of Mr Grant 
and Sun Life board. 


Henry Boot back in the black 


Henry Boot and Sons, the 
civil engineer and property 
group, returned to the black 
in 1986, reporting profits before 
tax of £2.4 lm compared with a 
loss of £7.13m in the previous 
year. Turnover fell from 
£LS2.63m to £16Q.49m. 

However, in spite of the re- 
turn to profitability, the direc- 
tors said that due to as extra- 
ordinary loss of £1.94m 
(£655,000) incurred on the sale 
of its Rothervaie companies it 
would not propose to return 
the final dividend to the 11 -Sp 
paid In 2984. 

Therefore the proposed final 
is lifted from 5p to 7p, making 
a total of 10p <6p) for the 
year. 

They said that subject to con- 
tinued profitability and growth 
they intended to make a more 
even distribution between divi- 
dend declarations in the future. 

The current year had started 
satisfactorily. 

The losses of 1985, when 
translated into cash require- 
ments for 1086, were to some 
extent mitigated by the pro- 
ceeds from the sale of the 
Rothervaie companies. 

Improved cash management 
and control had left the Normans, the discount food- In the six months to September 
group's gearing down from retailing group which also grows 27 1986, Normans achieved tax- 
about 40 per cent 30 per tea and coffee in Malawi, plans able profits of £l.lm on sales of 
cent. to expand its activities through £48.7 m. 

The directors said that build- the acquisition of Joplings, a Normans also forecast a final 
mg and civil engineering acti- department store group, in a dividend for the year to March 
vity continued to experience a deal that values the latter at 1987 of 1.05p. 
very competitive market and about £9 Am. The purchase of JopUngs is 

there would be no marked Normans said that the puiv to be satisfied by the issue of 
change during the current year, chase of Joplings would enhance some 11.8m Normans shares 

The sale of houses had shown earnings and assets per share, which will represent approxi- 

mately 23.7 per cent of the 

enlarged group's share capital. 
Normans also revealed plans to 
raise up to £2.5m via a share 
issue 

Stockiey approach 

Stock] ey, fiie property group, 
said yesterday that it had 
received an approach about a 
Dividends Shown pence per share net except where otherwise possible bid for the company, 
stated. "Equivalent after allowing for scrip issue, t On capital With its shares 8p higher at 
increased by rights and/or acquisition issues, t USM stock. 125p, Stockiey has a market 
S Unquoted stock. 1 Third Market stock. value of £32 0m. 


improved profits and should see 
further growth. The railway 
engineering division had had 
mixed fortunes. 

The property development 
activity had an encouraging 
year and property investment 
bad maintained its record of 
profit performance. 

International activity con- 
tinued to be affected by the in- 
terest burden resulting from the 
premature termination of the 
Kwai Chung contract in 1985 
and had returned a loss for the 
year. 

Further international activi- 
ties would be concentrated on 
the supply and installation of 
railway trackwork. 

After tax charges of £470,000 
(£i.i6m) and minorities of 
£27.000 (£1,000 loss) earnings 
per share worked through at 
36.6p (156.5P loss). 

• comment 

Back from the brink hut still 
only performing at a half of 


its potential would be a suit- 
able end of term report fbr 
Henry Boot The overhang of 
2985’s Hong Kong difficulties 
shows in the stubbomesp of 
the gearing level, up at 30 per 
cent in spite of the £9m cash 
received for the Rothervaie 
companies (shareholders funds 
were £20m at end 1985). This 
year £3m pre-tax is just about 
possible, putting the shares at 
37Sp on a p/e of 8 (20 per cent 
tax). Would-be bidders attrac- 
ted by such a rating will need 
to persuade the Boot family and 
friends to accept an offer 
rather than persist with the 
new management team. None- 
theless one way of valuing the 
company would be to add £15m 
for the housing division (£l*m 
should come from this in 1987) 
to at least £12m from a re- 
valued property investment 
portfolio (with £Sm debt net- 
ted off). This comfortably ex- 
ceeds the present market cap- 
italisation of just under £20m. 


Normans buys Joplings 


DIVIDENDS ANNOUNCED 


Allied Insurance 


63.5 

02 

— 

0.1S 

3.5 






4.5 

1.5 






5 

10 

6 

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1 


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1 

02 

Horace Clarkson 
North Atlantic ... 

...int 

2.75 

1 

June 10 

2.75 

1 

4.75t 

4.75 

3.4 


W & D sells 
Vaux stake 
and ends 
speculation 

By Mika Smith 

Wolverhampton ft Dudley 
Breweries yesterday an- 
nounced fiie disposal of its 5 
per stake in Vaux Group, 
ending speculation that it 
might launch a bid for the 
hotels and breweries com- 
pany. 

W ft D sold the stake to 
Vaux’s broker, Cazenove, 
which then dispersed the 
L95m shares among various 
investment institutions. The 
shares lost 24p to end the day 
at 535p. 

.Wolverhampton’s move fol- 
lowed Vast’s announcement 
last week that it was raising 
fifiOJkn through a one-for-five 
rights issue and the issue of 
debenture stock, mainly to 
enable it to strengthen the 
group’s hotels division. 

Hr Alan Fleckhart, W ft D 
finance director, said Vaux’s 
decision to devote extra re- 
sources to hotels would re- 
duce the relative Importance 
of the brewery business. As 
a result, bis company mo 
longer regarded its sharehold- 
ing as a compatible invest- 
ment . 

The stake, which was ac- 
quired in the late summer 
and early antumn of last year, 
was sold for a gross profit of 
£2 .5m. W & D did not reveal 
the average buying price of 
the shares but on the day it 
announced it had acquired 
the stake, at the end of 
January, fiie share price shot 
up 68p to 567p. 

Vaux welcomed W ft D’s 
withdrawal yesterday but ad- 
mitted the announcement was 
unlikely to remove the bid 
speculation surrounding the 
company. 

Any company which wants 
to acquire the north east- 
based group will have to pay 
a high price, however. Mr 
Paul Nicholson, company 
chairman, has repeatedly said 
that the group wants to re- 
main independent and, if the 
company makes £21m this 
year as analysts expect, the 
shares are likely to be on a 
p/e ratio of about 16 follow- 
ing the rights issue. 

That puts Vaux on a 
premium to its most compar- 
able rivals but file group is 
considered more vulnerable 
to a hostile takeover because 
of the relatively small number 
of shares is the hands of the 
board of directors and 
associates. . 

Vaux made taxable profits 
•f £1 7.52m on sales of £165 Jm 
in the year to the end of last 
September. Hotels contributed 
£738m. 


Tan Sri Khoo ups 
StanCh art holding 

Tan Sri Khoo Teck Fuat; 
the Malaysian businessman, 
has bought an additional L5m 
shares in the Standard Char- 
tered Bank, raising his stake 
from 6 to 7J4 per cent. 

The increase, disclosed by 
fiie bank yesterday, follows a 
sharp rise in Standard's share 
price in fiie past few days. 
On Thursday, the price rose 
24p to 832 p, and it gained a 
further 7p In early trading 
yesterday. 

Tan Sri Khoo first bought 
his stake last summer to aid 
Standard against the hostile 
takeover bid from Lloyds 
Bank. Since then, his per- 
sonal position hv become un- 
certain with (he closure of the 
National Bank of Brunei of 
which he Is the major share- 
holder. Thi forced his resig- 
nation from the board of 
Standard Chartered and 
prompted speculation that he 
might have to sell his 
Standard Chartered shares. 


ONLY A few weeks ago Mr 
Gerald Ratner described Com- 
bined English Stores as a “ rag 
bag,’’ and spoke of certain of 
its interests and merchandise 
as “junk." 

He was feeling peeved at the 
time. His merger approaches 
bad been given short shrift, 
and his extraordinary progress 
to the top of the British 
jewellery retail business had 
suffered its first setback since 
be took charge at Ratners in 
1984. 

He was in a more mellow 
mood yesterday. Flanked by Mr 
Murray Gordon, head of 'CES. 
be spoke of synergy and under- 
standing as he unveiled his 
recommended £300m-plus offer 
for the handbags, jewellery, 
chemists, fashion and holiday 
group. 

However, while he may have 
settled his differences with Mr 
Gordon, the newly-crowned Re- 
tailer of the Year is not yet 
home and dry. He may yet have 
to contend with the attentions 
of the Monopolies and Mergers 

nimmitsi n n. 

Absorbing CBS's 360 Colling- 
wood, J. Weir and Zales jewel- 
lery outlets into his existing 
empire of almost 600 H. Samuel. 
Ratners, Terry's and Watches of 
Switzerland outlets, would give 
the group around 15 per cent of 
the UK market in traditional 
jewellers* wares. 

However, the picture changes 
when items such as commemo- 
ration mugs, silver-backed hair- 
brushes and clocks are taken 
out of the reckoning. Even by 
Ratners’ own reckoning, a mer- 
ger would give it up to 20 per 
cent of the pure jewellery busi- 
ness in items such as rings, 
necklaces and earrings. 

Mr Richard Hyman, a direc- 
tor of Verdict Research, and 
an ardent Ratners- watcher, puts 
the figure at rather more than 
20 per cent “It is always the 
same,” he said. “ In these situa- 
tions people try to talk their 
market share down after they 
have spent the rest of the year 
talking it up.” One competitor 
in the trade said the deal 
would give Ratners more than 
25 per cent of the business. 

By any standards, Mr Ratner 
has worked wonders with the 
business rince he took charge 
following a £400,000 loss in 
1932-83. Estimates published 
yesterday for the 43 weeks to 
the end of January, put pretax 
profits at about £2&3m, com- 
pared with £11 An for the com- 
parable period in file previous 
year. ... 

He has also wrought havoc in 
the staid jewellery trade, with 



Gerald Ratner (left) and Murray Gordon, the respective 
chairmen c £ Ratners and Combined English stores 


his garish displays of cheap and 
cheerful adornments, cutting 
out high-price, slow-moving 
items, selling on price and. 
fashion, and undercutting almost 
everyone rise in the business. 

As a result, profits in Rat- 
tiers’ outlets last year reached 
£66 a square foot and are 
climbing rapidly towards £100 
to become, Mr Ratner boasted, 
the best performing shops in 
Britain . . . “ including Dixons.” 

Jewellery in. his book is now 
as ttuu4i a commonplace pur- 
chase as a blouse or a new pair 
of fashion tights. Mr Ratner 
contended yesterday that his 
price-stashing policy was in the 
consumers’ interests, and a good 
reason for file merger not to 
be referred to the Monopolies 
Commission. 

Should the deal go ahead, it 
would take ton within easy 
striking distance of his often- 
quoted target of L000 jewellery 
shops. 


Mr Ratner had no doubts 
about the value of Zales. the 
upmarket arm of CBS’s opera- 
tions. “ It is an excellent 
business with good management 
and it will probably continue 
to be run independently,” he 
said. 

The rest have a down-market 
air, and Mr Hyman believes 
home differentiation might be 
necessary to give the various 
names a distinctive market 
position and broaden the 
group's interests • in the 
jewellery sector. The J. Weir 
name, already being absorbed 
into the Collin gw ood business, 
is scheduled to disappear under 
Mr Rafter's plans, which 
include some assimilation into 
the H. Samuel network and 
some closures. 

H. Samuel itself has already 
been brought sharply down mar- 
ket since Ratners took it over 
last year. 

The merger would also launch 


H. Samuel 
Ratners 
Ratners Group 
Zales 

r.l T-n nn „ 

WlHlttWOQa 

J. Weir 

Combined EngRib St or es 
Mappbi ft Webb 
Goldsmiths Group 
Ernest Jones 

Other specialist Je wei ora 

Total specialist Jewellers 
Argos (Elizabeth Duke) 
Department aid variety stores 
Mail order 
Others 


• ••'.. i • . . 

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Ratners into the world beyond 
jewellery, giving,: It as 
especially promising foothold ip 
the accessories trade through 
Salisbury's 150 luggage, hand- 
bag. gift and accessory stones. 
CBS already him plans to 
expand to 200 outlets. Yester- 
day Mr Ratner spoke aggro- 
alvely of getting up to 300 In 
the next couple of years, start- 
ing possibly with the conversion 
of same of the 60 jewellery out- 
lets earmarked far closure. 

The CES Eurocamp holiday 
business seems to have no place 
is the Ratners empire, and tbe 
Paige fashion shops da not 
match the group's lively cor- 
porate image. Nor do they have 
the potential to meet its per- 
formance criteria. Although Ur 
Ratner said no part of CES was 
for sale at this stage, these sub- 
sidiaries seem certain to go if 
fiie merger is completed, along 
with toe highly profitable 
Aliena dispensing chemists 
business. 

As Mr Ratner pointed out: 
"If we were to sell, a great 
part of the £300m could be 
clawed bade.” 

The only other part of the 
CES group which seems to have 
tickled his fancy—" very excit- 
ing concept” — is the infant 
Confetti chain of self-service 
confectionery shops. With their 
displays of gold and silver 
dragees and bright, glittering 
interiors, they have something 
in common with the Ratner ap- 
proach to the jewellery trade. 

- Whether the young chairman 
can allow himself the luxury of 
keeping it on is questionable. 
Absorption of the CES jewellery 
business— however good the fit 
—end cranking performance up 
to existing group levels will 
not be easy. 

The company admitted yes- 
terday that existing suppliers 
were already working at foil 
pitch to meet its demands, and 
that there was no possibility 
of extracting better terms of 
trade from them. 

Tbe net effect of a setback 
to Mr Rattler’s onward charge 
— in tbe event of the 
Monopolies Commission block- 
ing fiie merger — would prob- 
ably be to stiffen his resolve to 
meet his targets by other 
routes. 

The group has been buying 
up jewellery shops in ones and 
twos at tbe rate of one a week 
since the tore of tbe year. The 
process is slow and likely to 
be expensive, as the £750,000 
paid for one Knightsbrldge 
outlet shows. But it tends to 
support Mr Rattler's claim when 
he was first rebuffed by CES 
in March: “ We can do it with- 
out them." .. 


Mystery surrounds buyer 
of 4.9% stake in Pearson 

BY MARTIN DICKSON AND CHARLES LEAD BEATER 


MYSTERY yesterday continued 
to surround the identity of the 
buyer on Thursday of a 4.9 per 
cent stake in Pearson, the pub- 
lishing, banking and industrial 
group, from Hosg Kong's 
Hutchison Whampoa. 

Lord Blakenham. chairman of 
Pearson, was unable to identify 
the purchaser when be 
answered questions yesterday at 
the company's AGM. But he 
noted that Hutchison had said 
the buyer was friendly to the 
Pearson board and added: “I 
have no reason to doubt that.” 

There was some market 
speculation yesterday that a 
small part of the Hutchison 
stake might have gone to a 
second purchaser. 

Meanwhile, the Financial 
Times, which is owned by 
Pearson, and print union 
officials have readied a draff; 
agreement on the details of 
redundancy payments, which 


the company expects will lead 
to 404 voluntary redundancies 
prior to the transfer of produc- 
tion to a new printing plant in 
East London. 

The agreement came after 
the company agreed to revise 
toe basis for calculating pay- 
ments to make it more attrac- 
tive for staff under 50 to take 
redundancy. 

However, both the company 
and union officials stressed fiie 
redundancy terms would only 
be finally agreed as part of a 
package which also covered 
staffing levels and terms and 
conditions for working at the 
new plant. 

Union officials said it was too 
early to say that redundancy 
terms had been agreed as fixe 
full package, which is stQl 
under negotiation, would have 
to be ratified by a vote of toe 
dispels (branches) at the 
newspaper. 


Belgrave loss after write-down 


BY TERRY POVEY 

Belgrave Holdings, currently 
the subject of a £35m agreed 
offer from a private company 
controlled by its management 
yesterday announced pre-tax 
loss Of £782,000 for 2986. 

Unusually the property com- 
pany has taken a £L98m write- 
down of the book value of Its 
London hotels as a charge 
against operating profits. This 
bad the effect of depressing this 
level of profit from £3.1m to 
£1.13m (£4.13m in 19B5) and of 
poshing the pro-tax level into 
the red. 

According to the statement 
issued by Belgrave, acceptances 
for the 235p*-share offer from 
the Rabheru family-owned 
Empire Investments now total 


15.4 per cent When added to a 
29.9 per cent stake purchased 
from toe Jivraj family and a 
stmilar-sried boiling already 
owned by the Rabheru's, 
Empire’s stake is now 75.3 per 
cent 

Belgrave’s turnover in 1985 
was down from £9.7m at £6.75m, 
due in part to the disposal last 
summer of toe engineering 
division (sales of £4.3m in 
1985). From the reported 
operating profit £l.91m 
(£2-32m) in interest was paid — 
producing the pre-tax loss. . ■ 

After taxes paid of £380,000 
(£258,000) and an extraordinary 
debit of £23,000 (£L13nti. * loss 
per share off 7.8p (earnings of 


I0.5p) was reported. Bad toe 
write-down been treated as an 
extraordinary item. Belgrave 
would have reported earning s 
per share of 5.45p. 

Belgrave has passed to final 
dividend (an interim payout of 
L5p was made) and has 
reported a net asset value per 
share of 158p. 

The company said that profits 
had also been, depressed by the 
cha r ging of a full year’s 
accounting and administration 
expenses which, it said, had not 
been toe practice in 1985. The 
1985 accounts contain a figure 
of £869,000 for administration 
expenses as having been 
charged against operating 
profits. 


Pathfinder from Computer People 


BY RICHARD TOMKINS 

Computer People, the staff 
agency which is about to 
become the . first company to 
come to the stock market 
through a mini offer fbr sale, 
has taken t by unusual step of 
publishing a pathfinder 
prospectus. 

Pathfinders are usually 
reserved for the biggest stock 
market flotations such as 
privatisation issues. Computer 
People is expected to be 
capitalised at about £20 m. 

Mr Trevor Swete of. Hill 
Samuel, the merchant bank 
sponsoring the flotation, said 
the pathfinder was rimed at 


educating Institutional investors 
about the company in tbe run-up 
to the publication of the full 
prospectus on May 15. 

Computer People is anxious to 
avoid being pigeon-holed either 
with less specialised high street 
staff agencies, or with computer 
companies which are sensitive 
to technological change. 

Mr Anthony Lambie, Com- 
puter People’s marketing direc- 
tor, said: “We benefit from 
technological change because it 
means companies need people 
with new skills." 

Computer People is Britain's 
largest computer staff consul- 


tancy. Its pathfinder prospectus 
shows how pre-tax profits have 
risen from £196,000 five years 
ago to £L73m in the year 1986 
and the number of' consultants 
on assignment averaged 700 
last year. 

Hill Samuel is placing three- 
quarters of Computer People’s 
equity with institutional inves- 
tors and offering the remaining 
quarter in a mini offer for fctip. 

The flotation will be keenly 
watched fay other City sponsors 
because it is toe first time the 
method has been used since it 
was introduced by the Stock Ex- 
change last October. 


LONDON RECENT ISSUES 


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Financial Times Saturday May 2 1987 


APPOINTMENTS 


Re-organisation at United Distillers 


UNITED DISTILLERS GROUP 
has made the following appoint 
meats in its new central market- 
ing division. Headed by Mr 
James , Espey, deputy man a ging 
director, the division will con- 
sist of three elements. Inter- 
national product marketing will 
he controlled by group brands 
directors Mr Gary Luddlngton 
and Mr Teny Grim ward. Mr 
Luddington’s team includes 
senior 'brand directors Mr Peter 
Good child (Gordon's Gin, 

Booths Gin and Cossack 
Vodka >, Mr Pant Neep (Pimm’s, 
Dewar's and Old Parr) and Mr 
Alan Robson (Black Sc White, 
Buchanan's. White Horse, Vat 
69, Hine Cognac and "fighting 
brands"). Mr Grimward will be 
in charge of senior brand direc- 
tors Mr David McNair (Johnnie 
Walker Red Label and Johnnie 
Walker Black Label). Mr Mke 
Ceilings (Dimple, Haig and 
Tanqueray Gin) and Mr Philip 
Robinson (Bell’s, Cardhn, Royal 
Lorhnagar and other malt 
whiskies). 

New products Is headed by 
Mr Tom Jajro, assisted by Mr 
Nell Ramford and with technical 
support from Dr David. Woolley 
and his team at the group’s 
research station at Glenochil in 
Scotland. The third constituent 
encompasses 'marketing informa- 
tion services and specialist sup- 
port functions. Mr Teny Han by, 
research and nlanning director, 
will r^rtrol all market research 
activities for the division, while 
Mr Paul Antarobtts. as special 
events director, win be respon- 
sible for promotions and sponsor- 
ships. 

Mr Mike Williams has been 
ap pointe d to the board of 
HI-TEK DISTRIBUTION as sales 


and marketing director of Hi-Tek 
Solutions, a trading division 
which - specialises in business 
computing systems and products. 
He was sales and marketing 
manager. 

CANTOR FITZGERALD. (UK) 
has named Mr John J. O’Connell 
as director and manager of 
Eurobond trading in London. 

■* 

Director level restructuring 
has taken place at HADEN 
TECHNOLOGY and Haden 
King, in conjunction with the 
ann ouncement by Hr Richard 
Taylor, managing director, that 
he is to concentrate his time 
developing new business oppor- 
tunities- Mr Jack Baggett, 
general manager of Haden Tech- 
nology. has been appointed 
managing director of both 
companies. Mr Taylor remains 
of both companies, 
having relinquished his role as 
part-time managing director. Mr 
Graham Smith, previously a 
director of Haden Technology, 
joins Haden King as marketing 
director. His principal respon- 
sibility will be development 
into noil-automotive industries. 
★ 

MORGAN GRENFELL GROUP 
has appointed Mr George Law 
as a vice chairman. He has been 
group compliance director since 
1985. 

★ 

Mr Peter Chester has been 
appointed industrial and com- 
mercial contracts manager, mar- 
keting division at BRITISH GAS 
headquarters. He was marketing 
operations manager. 

★ 

TEFAL UK has appointed as 
management services director 
Mr Francis Thompson, who joins 


from a background in Burroughs 
and Thom-EML 

At WHOLESALE FITTINGS 
Hr K. A. Polston has been 
appointed joint managing direc- 
tor. Mr S. M. Rose and Mr R. S. 
Rose have been appointed to the 
board. 

★ 

Sir Donald Barron and Hr 
Harry Taylor have been 
appointed to the BOARD OF 
BANKING SUPERVISION from 
May L Sir Peter Graham has 
resigned from the board in the 
light of his forthcoming appoint- 
ment as chairman of Standard 
Chartered Bank. As a result the 
number of independent members 
of the board is increased to six 
in line ' with the membership 
proposed in the Banking BUL 

WARD WHITE GROUP has 
appointed Mr R. Keith Green as 
president of Whitlock Corpora- 
tion, the group's US autoparts 
and' accessories retailer acquired 
following the successful bid for 
LCF Holdings. He is vice presi- 
dent (stores) of the Memphis- 
based Auto Shack division of 
Malone & Hyde Inc. 

WILTSHIER NORTHERN, 
Darlington, has appointed Mr 
Arthur Marshall as contracts 
director. He was director and 
general manager of Wiltshier 
Building Services Durham/Tees- 
side. 

★ 

Mr C. R. Hayles and Mr A P. 
Hinds have been appointed 
directors of ALWEN HOUGH 
JOHNSON. 

+ 

WATES BUILT HOMES has 
formed a wholly-owned sub- 
sidiary, Wates Built Homes 


New issues 


April 30,1987 


Federal 

Farm Credit Banks 
Consolidated 
Systemwide Bonds 


6.75% $500,000,000 

CUSIP NO. 313311 RC8 DUE AUGUST 3, 1987 

7.15% $701,000,000 

CUSIP NO. 313311 QK 1 DUE NOVEMBER 2. 1987 

interest on tha above issues payable at maturity 


Dated May 1,1987 


Price 100% 


The Bonds are the joint and several obligations of 
The Thirty-seven Federal Farm Credit Banks and are issued under the- 
authority of the Farm Credit Act of 1971. The Bonds are not Government 
obligations and are not guaranteed by the Government. 

Additional Information may be obtained upon 
request through the Funding Corporation. 

Bonds are Available in Book-Entry Form Only. 


Federal Farm Credit Banks 
Funding Corporation 


90 William Street, New York. N.Y. 1 0038 
(212)908-9400 


This announcement appears as a matter of record only. 



The Farm Credit System 


SM 


Southern. Mr Bill Gair, manag- 
ing director of Wates Built 
Homes, has been appointed 

P-hfli pwan, Mr Alan Hol lands jg 

managing director, and Mr Alan 
Cosh, technical director. Hr Bill 
Addis, sales and marketing 
manager, becomes sales director. 

★ 

Mr Laurence Cant managing 

director of Palmers Scaffolding, 
Southampton, has been elected 
president of the NATIONAL 
ASSOCIATION OF SCAFFOLD- 
ING CONTRACTORS for 1987-88. 
Senior vice-president is Mr 
Bryan McCann, contracts direc- 
tor of SGB, MUebaTn, and junior 
vice-president is Mr Derek 
Leaver, contracts director of BET 
Access, Newbury. 

★ 

Mr R. E. J. Shemlngs has 
ret ired from the board of 
FREEMANS, and has been suc- 
ceeded by Mr L F. HUlan, who 
win be coming from Coopers & 
Lybrand where he is an asso- 
ciate director. 

* 

KINGS TOWN PHOTOCODES 
has appointed Hr Allen Morley 
as financial controller. He was 
executive financial director at 
Hygena. 

★ 

A & P AFPLEDORE GROUP 
has appointed Mr Donald McLean 
as group chief executive. He 
succeeds Mr Anthony Mackesy 
who will remain deputy chair- 
man. 

dr 

NATIONAL & PROV INCIAL 
BUILDING SOCIETY chief 
executive, Mr Ben Thompson- 
McCansland, and senior general 
manager Mr Teny Carroll, have 
become executive directors of 
the society. Mr Thompson- 
McCansland took up his post 
earlier this year and. Mr Carroll 
has been with the society since 
1985. 

★ 

Mr Peter H. Purehon, chair- 
man of Stewart Wrights on Man- 
agement Services, has been 
elected president of the INSUR- 
ANCE INSTITUTE OF LONDON. 
Mr John Lock, general manager 
and director of The Mercantile 
and General Reinsurance Com- 
pany, was elected deputy presi- 
dent. They will hold office from 
June I for one year. 


Grampian TV 
makes changes 

GRAMPIAN TELEVISION, 
the ITV company serving north 
Scotland, has made management 
changes, with director of opera- 
tions Mr Robert Christie appoin- 
ted to the new post of director 
of television and financial con- 
troller, Mr Graham Good being 
promoted to company secretary. 
The changes are part of a 
management restructuring an- 
nounced by chief executive desig- 
nate Mr Donald Waters, who 
takes over upon the retiral of 
Hr Alex Malr in November. 

•k 

Mr W. EL K. (BUI) Matthews 
has been appointed nonexecutive 
chairman of SWAN INVEST- 
MENTS, holding company of 
H.E.. precision en sneers of 
Chelmsford, and Essex Tool 
Supplies. He was a regional 
director with the Midland Bank. 
★ 

UDO HOLDINGS has appointed 
Mr Norman Krangel and Mr 
Norman Mallows as divisional 
directors. 

* 

Mr Garry Rayner has joined 
SCHRODER WAGG’S credit and 
eaoital markets division as an 
assistant director on the swaps 
team. He was head of swaps at 
Christiania Bank, London. 

Ms Anne Grantham has been 
nnnninted finance director of 
RED1K FUSION . She was Krona 

financial executive. Hr David 
Hepworth becomes a director. 
He is chainwra-dRstynate of the 
subsidiary Redtffasion Radio 
Systems and win become chair- 
man in July. Rediffuslon is a 
BET electro nics^comp any. 

Mr Arnold T. Delanev has 
been iDmmted sales director 
CROUA HYDROCARBONS, 
Knottingley. 

BARFIELD BANK & TRUST 
CO, Guernsey, has appointed Mr 
R. J. Dent, a director of Barings, 
as chairman following the retire- 
ment of Sir Henry Vesey. Sir 
David Gibbons, chairman of the 
bank of N. T. Butterfield & Sod, 
has been appointed deouty chair- 
man. Mr A. M. Wilkinson, 
general manager, has been 
appointed to the board. 

Mr Geoff HcEnery has been 
appointed to the board of h tt.t. 
SAMUEL & CO. 


ECONOMIC DIARY 


TODAY: Mr David Steel, Liberal 
leader, addresses Alliance con- 
vention. Htiochxy. 

MONDAY: Council of Europe 
Assembly opens, Strasbourg 
(until May 8). World Health 
Organisation annual assembly 


Legal Notice 


AEPU8UC OF W8LANO 
1SB* No. 87SBP 
THE HIGH COURT 
W THE MATTER OF 
IRISH SHIPPING LIMITS*. 

(M LIQUIDATION) 

AND IN TOE MATTER OF 
THE COMPA NIES ACT S. 1983-1968 

Tki CndiUn of Iha jfoovanainad 
Company art required on or bafora 
*• 30th day of Juno, 1987 to »*nd 
thoir namaa and oddraasas and dm 
pmiculin of Thatr defats or claims and 
xha namaa and addraasas of thaw 
Solicitors, if any. to Maurica Tempany 
of lax Root. Ban Houaa. MontMU* 
SHU. Dublin 2. Inland, tha Official 
UquHMar of tha paid Company and if 
ae raouirad by None* in writing from 
the Official Liquidator, on to fi.o such 
Affidavits in proof at (Slims as tfaay 
may be advised and to giva notice of 
fifing thsraof to tha Official Liquid* tar 
and to ntumd at suefa trtno and place 
aa abafl faa specified In such notice or. 
in default thereof, they wiH bo 
axefuded from any distribution made 
before such debts or claim* are proved. 
Wednesday tha 14* day of October, 
1887 at lino o'clock In tbs forenoon 
st the Examiner's Office. Four Coons. 
Dublin has been appointed for hearing 
end adjudicating upon tbs said debts 
and claims. 

Dated this SStb day of April. 1907. 

J. COMERFORD 
Examiner of tha High Court. Dublin 


opens, Geneva (until May 16), 
TUESDAY: European Com- 

munity Fisheries Council meets, 
Brussels. UK official reserves 
for ApriL April figures for 
capital issues and redemptions. 
. South. Wales National Union of 
IGnewoikers area »nnua) confer- 
ence, Porthcawl, Mr Kenneth 
Baker, Education Secretary, 
addresses businessmen on new 
GCSE examinations, Guildford. 
Congressional hearings on arms 
sales to Iran begin, Washington. 
WEDNESDAY: National Econ- 
omic Development Council 
monthly meeting. Overseas 
travel and tourism figures for 
January / February. Advance 
energy statistics for March. 
South African general election. 
World Jewish Congress holds 
first annual meeting in a Com- 
munist country, Budapest. Fifth 
F inanci a l Times manufacturing 
forum. Hotel Inter-Continental, 
London WL 

THURSDAY: Detailed analysis 
of employment, unemployment, 
earni n gs, prices and other indi- 
cators (May). Housing starts 
and completions in March. Stan- 
dard Chartered annual meeting. 
Local elections in England and 
Wales. Rolls-Royce privatisation 
share offer closes. Cannes Film 
Festival opens (until May 18). 
FRIDAY: French Government 
announces price for privatisation 
of Cie Generale d’Electricite. 
Nordic environmental confer- 
ence, Salts jobaden, Sweden. 


Grupo 

Banco Hispano/lmepicano 


\ BANCO HISPAilO AMERICANO S A 

A 

FINANCIAL HIGHLIGHTS 

(fa m38ons of pesetas) 



YEAR. END 



m 

1985 

INCREASE % 

Capfalbase* 

131.889 

89,370 

47.6 

Masses 

1108AM 

2040,388 

3.3 

Operating iwrgn 

108,339 

91,751 

161 

M funds generated 

mo 

41,972 

29.7 

Pre-tex profit ■ 

13,021 

8,248 

57.9 


CONSOLIDATED FINANCE GROUP 


FINANCIAL HIGHLIGHTS 


ffntnSons of pesetas} 


YEAR m 



1986 

1985 

INCREASES 

Capital base* 

150,561 

103,152 

46.0 

M assets 

2,360,587 

2,964,243 

1.0 

Operating margin 

149,817 

121,347 

23.1 

M funds generated 

76JM7 

57A04 

329 

Pre-tax profit 

22,172 

13J45 

67.4 


*MbtksstotSiitB/dt6& 

A far o part ae f s BnotSfkna. BtocoHepmAoedana firaaratat Dvdflxma i 


NOTICE OF CALL AND REDEMPTION 

To the Holders of 

The Bank of Tokyo, Ltd., Portland Branch 

(Incorporated with faulted EobiBty in Japan) 

US$5,000,000 Callable Negotiable Floating Rate 
Certificates of Deposit due May 16, 1988 (the "Certificates") 

Notice Is hereby given that, pursuant to the provisions of the Certificates. The Bank of Tokyo. Ltd., Portland 
Branch (“the Bank 1 ') win prepay the outstanding principal amount of the Certificates identified below in full on May 
18, 1987. the next Interest Payment Dots, together with the interest accrued to that date. Payment will be made 
against presentation and surrender of said Certificates at The Bank of Tokyo Trust Company at 100 Broadway. New 
York. NY 10005. The Certificates being called are as foUows: 

Total Number of Principal Amount Aggregate Principal 

Issue Data Certificates Redeemed of Certificates Amount 

May 17, 1383 S $1,000,000 $5,000,000 

(Nos PT 10415416, PT 10418-104120) 

The Bank of Tokyo, Ltd., Portland Brandi. 411 SW 6th, Portland, Oregon. 97204 


A FINANCIAL Tnu&S SURVEY 

Banbury & 
North Oxfordshire 

Uw Financial Times proposes to 
pubQah a survey on the above on 
TUESDAY MAY 12 1887 
For Ml details please contact; 
ANTHONY KAYES 
on 021-464 0922 
or writs to Mm me 
Georgo House, George Road 

Edgbaemn. Birmingham B15 IPO 

FINANCIAL TIMES 
EUROPE’S BUSINESS NEWSPAPER 
Tfta content, *£re and publication 
dates o I Surveys In die Financial 
Times are atiblact to change at 
tbo discretion Of the Editor 




% 


DOME P ETROL EUM 
LIMITED 
$US 75.000.000 
FLOATING RATE 
NOTES DUE 1988 

For the six months, April 9,- 
1987 to October 8, 1987, the 
rate of interest has been 
fixed at 6 15/16% P.A. 


THE PRINCIPAL 
PAYIN G AGENT 
SOCIETE GENERALE 
ALSACIENNE 
DE BANQUE 
15, Avenue Emile Reuter 
LUXEMBOURG 


REPUBLIC OF ITALY EURO 
REPACKAGED ASSETS LIMITED 
FAAJV.R.L 
US$204,000,000 

Floating Euro-dollar Repackaged 
Assets of the Republic of Italy 
due 1993 

For the 3 months period April 
30. 1987 to July 31, 1987 the 
Notes will carry an interest rate 
of 7-h% per annum with an 
Interest amount of USS1, 804.86 
per USS 100,000. 

The relevant interest payment 
date will be July 31. 1987. 
Banque Paribas 
(Luxembourg) SJL 
Agent Bank 


tr r* 1 ‘ 






Annual General Meeting 

ofABVoho 


of the 


The Annual General Meeting of 1 
shareholders of AB Volvo wiD be 
held in Lisebeigshallerv Orgryte- 
vagen,Gofceboig (Sweden) at 430 
pan. Wednesday, May 20, 1987. 


Matters to come before the Meeting as 
prescribed by law and the Company's 
Articles of Association, shall include: 
presentation of the accounts and annual 
report for foe year 1986; adoption of foe 
Income Statement and Balance Sheet of 
AB Volvo as well as foe Consolidated 
Income Statement and Consolidated 
Balance Sheet; disposition of foe profit as 
shown in foe Balance Sheet adopted dis- 
charge of the Board of Directors and 
Managing Director from liability; deter- 
mination of foe number of members and 
deputy members to be elected by foe 
Meetfogr to serve on foe Board of Directors; 
approval of fees to be paid to foe Board and 
auditors;; and the election of Board 
members; deputy members, auditors/ and 
deputy auditors. 

Ofoer matters to come before foe Meeting 
include a proposal by foe Board of Directors 
to issue a convertible debenture loan fora 
number of shares not to exceed 2400,000. 
The offer to subscribe will be made to 
employees of foe Volvo Group reading in 
Sweden and persons residing outside 
Svredai-wimti« exclusion of US citizens 
and residents - who are employees of foe 
Volvo Group, where there are no legal or 
other restrictions* and to foe edent possible; 
to Stiftefcm Vblvoresultat (Volvo Employee 


Bonus Fund). Assuming full subscription of 
foe loan and conversion of all debentures/ 
foe total number of nonrestricted B shares 
will increase by 2*400,000. 

Right to participate in Meeting 

Participation in Volvo's Annual General 
Meeting is limited to shareholders who 
are recorded in foe share register on 
May 8, X9S7 and who advise Volvo, no later 
than 12XX) noon, (Swedish local lime) Fri- 
day/May 15/1987/ of their intention to par- 
ticipate: 

Share register 

Volvo's computerized share register is main- 
iainfid by V^epappersanh^OT VPC AB 
(Swedish Securities Register Center). 

Volvo shares are registered in foe names of 
either their owners or trustees. Only owner- 
registered shareholdings are listed in the 
names of shareholders in foe share register. 
Shareholders whose shares are held by foe 
trust department of a bank or by a private 
broker, may have elected to have their 
shares registered in foe trustee's names. 

To be entifled to participate in foe Annual 
General Meeting owners of shares regis- 
tered in foe name of a trustee must have 
their shares registered in their own names. 

lb assure foai such shares are reregistered 
in ample time/ foe holders of trustee- 
registered shares should request that foe 
.bank or broker acting as cukodian of foe 
shares reregister them (temporarily) several 
banking days prior to May 8,1987. Trustees 
normally charge a fee for mis service. 


Volvo Group operations in brief 

1986 

1985 

Sales, SEK M 

84,090 

86,196 

Income before allocations, taxes and minority interests, SEK M 

7,530 

7,602 

Return on capital employed, percent 

17.S 

203 

Income per shares SEK 

4820 

4920 

Dividend per share; SEK 

925 

850 

Number of employees, December 31 

73,147 

67357 

Salaries, wages and social costs, SEK M 

12,847 

11359 

Provision for employee bonus, SEK M 

165 

163 

Capita] expenditures for property, plant and equipment SEK M 

3,425 

3306 


Notice of intention to participate 

Notice of intention to participate in foe 
Meeting may be given, no later than 12:00 
noon, Friday, May 15, 1987 by telephone: 

+46-31 59 21 50 or +46-31 59 00 CO 

or in writing toe 

AB Volvo 
Legal Department: 

S-405 08 Goteborg Sweden 

to providing such notice a shareholder 
should state his or her name, personal regis- 
tration number (where applicable), address 
and telephone number. 


Shareholders who wish to appoint a 
to act on foeir behalf at the meeting snoi 
notify AB Volvo well in advance or foe meet- 
; foe name of foe proxy. A proxy 
i a shareholder of AB Volvo. 

May 25, 1987 has been proposed by foe 
Board of Directors as foe record date for foe 


By order of the'Boaid of AB Volvo 

daes Beyer, Secretary to foe Board 
S-405 08 Goteboig Sweden 

May, 1987 



* 


\ 









12 


Financial Times Saturday May 2 1937. 


COMMODITIES AND AGRICULTURE 


Ford takes Wall St by surprise 


WEEKLY PRICE CHANGES 


FORD MOTOR has left US auto 
industry analysts scurrying to 
catch up with its news this week 
ranging from talks with Nissan 
of Japan on joist North Ameri- 
can production of cars to 
spectacular first-quarter results 
which underlined its lead over 
its Detroit rivals. 

The discussions between the 
two companies, which are num- 
ber two In their home markets 
behind General Motors and 
Toyota, are seen as a natural 
extension of their strategies 
and follow a world-wide trend 
of co-operative ventures to 
reduce the cost and risks of 
new model development 

Ford has made huge strides 
in recent years updating its 
models and production proces- 
ses, which arguably are superior 


Introduce new models out of re- vious results had been dragged 
vamped plants which should down by model development 
match Ford's productivity. De- and plant modernisation costs, 
spite Ford's progress in recent The latest results “show what 
years, it could still learn some a US company can do when it 
thins? from Nissan about engi- gets it right," Mr Midler added, 
neering and manufacturing, According to reports in 
analysts believe. Tokyo, a Nissan-Ford joint ven- 

Nissan'g US challenge is to ture could be the first step in a 
expand from its small manufac- long expected large-scale re- 
turing base in Tenneseee to off- structuring of the Japanese 

Ford Motor has this week outpaced its rivals with 
spectacular first-quarter results and news of potential 
links with Nissan. RODERICK ORAM in New York 
and IAN RODGER in Tokyo report 

set the damage the soaring yen motor industry. At present. 


Latest 
price* 
per tonna 
unless 


[Ch'nfla 

on 

w«alc 


including those between GM and 

Isuzu and Ford and Mazda and 

Chrysler and Mitsubishi Motors, metals 

involved share investments by r, eiseo/SBo 

the US partners in the Japanese j ; 

companies and/or purchases by Fro* Market 00 . 0 c ,M37 S/wib ; -25 


-15 


the US partners cars from 
Japan. „ , . . _ , Oow p*r 

A Nissan official in Tokyo Load cun- 
said the two companies would 

spend nine months to a year Free market — — 

on a feasibility study for the 
joint venture, so it would be 
about three years before a 
vehicle was produced. 

The official said the venture 
would he limited to what he 
called multi-purpose vehicles 
that were partly car and partly 
commercial vehicle. Both com- 


£882.3 

£853.75 

S464JS 

£506 

C388US 


+ 12 
+4J3 
-10.75 
+2 ajs i 
+11.25: 

+10.5 


Quicksilver <75 tb»V 
Silver per 


Free market 
Tungsten Ind 
Wolfram (22.04 Uy. 
i Zinc cuh - 


188/208c 
8146.50 
1608.00 i — 30.5 
■24512561 — 17.6 


Year 

ago 


1096/87 


- 


High 

— 

Law 


81100/1530 !*14»f1Sl4si1SU1T70 


52750/2800= 82720 /37M; 
£B31.5 181028.5 


52250/3800 

£802.261 


£946.5 

8545 

£240.5 

£248 


105fiJ5]£840.5 


i£546. 

182/202e 106/16Soj 
1111.00 (2161.00 _ 
5483.50 (8675.75 11342.50 

8280/230.8900/275' 8 IS 102 


» 397.51 

£395.5 

£2A1JS 


1M/177C 

806.36 



has done to its imports. 
Japanese car makers have had 
to raise prices on their im- 
ported US models by about 18 
to 20 per cent since September 
1985, while Detroit's prices 


there are a dozen producers, 
most of which are marginal. 

In the past year or so, Toyota 
Motor, the market leader, has 
surged ahead of its rivals, 
taking a 50 per cent share of 


have edged up an average 8 per the home car market in some 


for now to Chrysler’s and Gene- 
ral Motor’s. Strong consumer 
demand and relatively low 
manufacturing costs are paying 
off handsomely at Ford’s bot- 
tom line. 

But despite its rapidly grow- 
ing cash mountain, which stood 
at $9.5bn at the end of the first 
quarter, it still feels the need 
to share the burdens with other 
makers as they cope with in- 
tense competition and over- 
capacity. 

Recently, it announced a co- 
operation agreement with Volks- 
wagen covering the two com- 
panies' extensive operations in 
Latin America and it tried but 
failed to join up with Fiat in 
Europe. The talks with Nissan 
include co-operation in Aus- 
tralia. 

Moreover, Ford will face 
growing competition at home 
over the next few years as 
Chrysler and General Motors 


cent. Hard pressed from Its 
first-ever loss last year on car 
manufacturing, Nissan would 
welcome the financial help- 

Cooperation talks with Ford 
are focusing on a model which 
neither currently produces— 
most likely in a relatively small 
up-market niche. The best guess 
in Detroit and Tokyo is multi- 
purpose van-shaped cars which 
are popular, high profit margin 
replacements for traditional 
estate cars. 

Ford's first-quarter profits, 
which nearly doubled to 
$1.49bn or $5.73 a share from 
year-earlier levels, caught Wall 
Street on the hop because of 
far larger than expected pro- 
ductivity gains. 

“They were the first chance 
to see Ford running on all 
eight cylinders," said Mr 
Andrew Midler, analyst and 
manager of Fidelity Invest- 
ment’s automotive mutual fund, 
which is one of Ford's largest 
shareholders. 

Although Ford's strategy had 
begun to pay off earlier, pre- 


NISSAN 


panies felt that the cost of 
developing these vehicles alone 
would be excessive, given their 
sales potential, but developed 
together, they could be profit- , 
able. 

He doubted that the venture 


months. Meanwhile, Nissan’s 
share has sagged to about 26 
per cent and the company 
suffered its first operating loss 
last year. 

The possible Nissan-Ford 
joint venture is also seen as 
aimed at enabling the two com- 
panies to fare better in the 
increasingly competitive world 
markets. Both companies are 
already having to compete 


against a joint venture between would have any impact on Ford's I sugar (Raw). 


General Motors and Toyota 
Motor, the market leaders in 
the US and Japan respectively. 

Reports said that the joint 
venture would first develop 
bonnet van-like multipurpose 
cars, and then build a factory 
in North America that will pro- 
duce 200,000 units per year. 

Both companies would sell 
the vehicles through their own 
sales networks in the US. 
Nissan would also consider 
importing them to Japan. 

This would be the first TJS- 
Japan motor industry tie-up 
that has begun at the develop- 
ment stage. Previous tie-ups. 


relationship -with Mazda. The 1 
US concern has a 24 per cent 
stake in the third biggest j 
Japanese car maker-. He said 
that Ford had approached 
Nissan because Mazda did not! 
have the engineering resources 
for such a venture. 

Nissan also said that Ford 
and Nissan have authorised 
their officials in Australia to 
begin discussions aimed at co-j 
ordinating their operations in 
that country. The Australian 
Government is Insisting that the 
number of car makers there be 
reduced from five, including 
Nissan and Ford, to three. 



OILS 

Coconut (Philippine*) 

Palm Malayan 
SEEDS 

Copra (Philippine*) 
Soyabean* (U.S.I 
OTHER COMMODITIES 
Cocoa Future* July- 
Coffaa Future* July— 

Cotton outlook A Index ' 

a os Oil Fut. Juno 

Jut* UA owe grade. 

Rubber kilo- 

Sisal No. 3L 


Tea (quality) kilo, 
(low mod) klio.— 
WOottapa 64* Super. 


S14S.55 
*340 
6 2 . cap 
8610 
I16S.5U 


62p 

470pHto!— 1 


1534 
19 

. 7.50c 
+0.75 8131.25 
+20 8290 

!66c 

+ 19.5 (S199.5 

— 198p 

— 108p 

* !432p kilo 


t Unquoted.. (g) Madagascar. (v) July. (a) April-May. (u) M*y-June. 
(w) June- Aug. 

LONDON 
MARKETS 


ALUMINIUM 


Cash 


! Unofficial 

r loce (jxm.) 

£ per tonne 

817-! 


+ or I 

— [High/ Low 


Royster sold off by Superfos 


BY HILARY BARNES IN COPENHAGEN 


SUPERFOS, one of Denmark's 
biggest industrial companies, 
yesterday ended its ill-fated 
venture into the US fertiliser 
market by selling Royster, the 
company it bought in 1984, to 
Cedar Holdings, of Connecticut, 
a newly established company. 

The price was not disclosed, 
but Superfos said the DKr 
375m ($55 .5 m) write-off made 
in the 1986 accounts to cover 
the divestment would not need 
to be raised. 

The Royster purchase took 


place just as the US fertiliser 
market collapsed. Superfos paid 
5110m for Royster and over 
the past two years took an 
operating loss totalling about 
DKr 400m on the Royster busi- 
ness. 

The Danish company was so 
badly shaken by the losses that 
in December last year it sold 
a majority holding in its Danish 
fertiliser business to Kemira, 
the fast-growing Finnish state- 
owned chemical company. 
Superfos made a net DKr 306m 
loss in 1986, compared with a 
loss of DKr 11m in 1985, but 


expects to return to profit this 
year following its fertiliser 
divestment. But its turnover 
will be down from about DKr 
9.5tra last year to DKr 6bn in 
its remaining agro and indus- 
trial divisions, 
t F, L Smidth, the Danish 
company which is one of the 
world's leaders in the design 
and construction of cement 
mills, announced the dismissal 
of 200 technical and design 
staff. It blamed this on the 
third world debt crisis, which 
has contributed to a slump in 
demand for new cement plant 


Banks divided over Dome bid 


BY BERNARD SIMON IN TORONTO 

A SPLIT has emerged among day afternoon. Besides demand- 
creditors of Dome Petroleum ing information on the Amoco 
on the best way of protecting offer, BMO has also asked for 
their interests during the cur- full disclosure of ell other bids 
rent struggle for control of the received by Dome, 
crippled Canadian oil and gas TransCanada PipeLines of 

Toronto and Imperial Oil, 
Exxon's Canadian subsidiary, 
earlier submitted proposals 
which were rejected by the 
company. 


producer. 

Several banks indicated 
yesterday that they were not 
willing to follow the lead of 
Bank of Montreal, which has 
begun legal action aimed at 
compelling Dome to disclose 
details of an agreed C$5.1bn 
(US$3J33bn) takeover bid by 
Amoco of Chicago. 


BMO is one of Dome’s prin- 
cipal creditors, with outstanding 
loans of around C$800m out of 
Dome’s total debt of C$6.4tm. 
While expressing concern at 


A motion filed by Bank of the lack of information and 
Montreal was due to be heard some aspects of the Amoco bid, 
by the Court of Queen's Bench other lenders indicated that 
in Edmonton, Alberta, y ester- they are more worried that a 


protracted lawsuit may distract 
Dome from efforts to secure its 
future. 

Dome said earlier that it plans 
to provide details on the 
Amoco bid by mid-May. React- 
ing to BMO’s move, the company 
said that all lenders will be 
given “ample opportunity” to 
decide wh ether the Amoco offer 
is acceptable. 

Toronto - Dominion Bank, 
which is owed over C$700m, 
said in a statement that initial 
reports of the Amoco offer 
point to " insufficient compensa- 
tion for secured lenders.” But 
the bank has stopped short of 
taking legal action against 
Dome. 


Du Pont sells 
HDPE business 
for $517m 

By Our Financial Staff 

DU PONT, the largest US 
chemical group, is to sell its 
high density polyethylene 
(HDPE) business and support- 
ing ethylene production for a 
total of 5517m. 

The buyer is Cain Chemical, 
which has been formed by The 
Sterling Group, an investment 
banking firm that specialises in 
leveraged buyouts. The price 
consists of 5427m for the facili- 
ties, plus related working capi- 
tal of about 890m. 

Da Pont said Cain will be 
based in Houston and will 
comprise seven petrochemical 
plants in Texas to be purchased 
from Du Pont and three other 
companies. Du Pont expects to 
report a second-quarter gain on 
the sale, which is expected to 
close is Jane. 


Bond International plans 
HK$1.5bn rights issue 

BY DAVID DODWELL IN HONG KONG 


A LONG-AWAITED HKS1.5bn 
(US$192m) rights Issue for Mr 
Alan Band's Hong Kong-based 
Bond International was unveiled 
yesterday. Shareholders are be- 
ing offered five new shares for 
every two already held at 
HKS1.80 a share. 

The cash raised by the rights 
Issue will be used to repay half 
of the HKSlAbn raised in Feb- 
ruary to pay for Bond Inter- 
national's 27 per cent stake in 
HK-TV3, Hong Kong's leading 
broadcasting group. 

Bond Corporation, Mr Bond's 
Australia Master company which 
owns 66.2 per cent of the shares 
in Bond International, has said 
it will take up its rights in full. 
The balance of the issue has 
been underwritten by Sun Hung 
Kai and Indosuez Asia. 


Bond International’s board 
Is also recommending that the 
company's authorised sh are 
capital be increased by HK$lbn 
to HK$1.6bn. with the creation 
of a further Ibn new HK1 
shares. 

News of the rights issue 
comes just two days after Mr 
Bond announced the creation 
of a joint venture under which 

Mr Hsmnori Takahasbi of 

Japan will take a 50 per cent 
stake in the Bond Centre, a 
prime commercial development 
on Hong Kong Island that was 
acquired by Bond International 
in February for HKfLdbn. 

Mr Takahashl has made com- 
mitments to provide substantial 
funding for the Bond Centre 
development 


COPPER 


Grade A 


Cash 

3 months 


Smart turnout 
at Chicago pits 
opening ni ght 

By David Owen In Chicago 

A CARNIVAL atmosphere 
descended on the Chicago 
Board of Trade’s financial 
futures trading room on 
Thursday as over 500 
brightly - jacketed traders 

thronged the exchange’s , 

Treasury bond and Treasury I ft ™ ndan< 
note pits to participate in the 1 3 month* 
first 6-9 o'clock evening trad- 
ing session. 

The numbers were swelled by 
a full complement of. senior 
exchange staff, media repre- 
sentatives, and. a smattering 
of oriental gentlemen— look- 
ing forward, no doubt, to 
the imminent easing of re- 
strictions on overseas futures 
trading by Japanese institu- 
tions. 

It’s a media exposition," ex- 
claimed one young trader. 


7-0 I —10.5 1815/814 

3 month*! 802.5-5 \ +0JB jeoa/BOl 

Official cl o* tag (am): Caeh 814-5 
(841-2). three month* 801-2 (801-2). 
■etdement 815 (842). Final kerb dote: 
801-2. Turnover: 32.200 tonne*. 


INDICES 

REUTERS 

Apr. 30, Apr. 28 * 


r. 30, Apr. tfBffi BT 
85.1 >1678.7 I 154 


egojVearBBO 


15 85.1 '1875,7 I 1648.8 1 1TO 6 A_ 
(Bub: September 18 1931—100] 

DOW JONES 

Dow | Apr. | Apr. I M-tt, I Year 
Jones 50 ( 29 J ago (ago 

Spot, 123.77 123.78, — ,127.30 
Fut 1185.34 124.26! — jl24,65 

TBiia: December iff 1&f^100) 


SOYABEAN MEAL 


Unoffto'l 
close 
£ par t 

+ or 

antie 




High/tow 


(884/882.8 


Official doting (am): Caeh 882.5-3-5 
(BB4-5). three month* 863.5-4 (M6-S0). 
eettlemant 883.5 (895). Final kerb 
doe*; 851.5-2. 



ESS 

+ or 

Business 

dooa 

Jims 

August..— 

Octobor„.- 

Dao 

Feb 

April — 

June.-.....— 

£ 

per tonne 

nflJ-ITB.6 

11B.B-117.II 

1 1S-&-T T7j0 

118.9-118.6 

181.8-122.6 

1UJ-13B.8 

1U.D-124J 

+aEi 
+1.80 
+0.76 
+0.56 
-0.45, 
+ 1JB 

119.9-118.0 
118.D-11IL5 
1 173-117 Jl 
1 U£ 


846-60 

+0.5 

860 

887-9 

+ L 



Official dosing (am): Caeh 850-0.5 
(8*4-6), ttre* month* 836-42 (839-41), 
ee tt l em a nt 850.5 (846). US ptotHicer 
price*: S&J 25 / 0 BJB cent* per lb. Total 
turnover: 24,700 tonoae. 


LEAD 


Salu: 300 (825) lota of 20 tonnea. 


COFFEE 

Commission house sailing produced 
loeeee In the morning of £30 reflecting 
dealer unCBrtainty. following Thursday 

night’s lata fall, rapoita Dreed 
Burnham Lam ban. -Aits moon buaineee 
wee similarly nervous- with values up 
and down, within a. tight range. Profit- 
taking and book-squaring 'wan seen 
late In the day. 


Cash j 585 7 [+1.5 

gazing at the serried ranks 1 Smonthal s aB - a I-*- 78 , 


Unofficial + or 
oloao (p-mj — 
£ per tonne 


Hlgh/Low 



lTTivT7 ; - r Tl 


Business 

COFFEE 

W 


Don* 


[380/381 

(340/335 


Official dosing (am): Caah 280-1 
(388-90), three month* 3366.5 (338.5- 
9). sort errant 381 (390). Final kerb 
close: 3366. Turnover 11.900 tonnes. 
US spot: 24/31 cents par lb. 


I Cash 
5 month! 


Unofficial 4- or 
Close (pjn.) — 
£ per tonne 


High/ Low COCOA 


S 475-85 I +30 
475-80 i +15 


[2485/2479 


Official dosing (am): Cash 2460-70 
(2445-56). three months 2470-5 <2460- 
3). aetthnent 2470 (2455). Final kerb 
dose: 2480-5. Turnover: 948 tonnes. 


ZINC 


High 

grad* 


[Unofficial + or 
|oiosa (p.m.) — 

£ par tonne 


Hlgh/Low 


of TV cameras on the price 
recorders' catwalk prior to 
the opening. “Yeah, I wish 
I had combed my hair," con- 
curred his companion. 

Mr John Gilmore, a cigar-. 

chomping former chairman J NICnJc,L 
of the exchange, was there 
looking aa pleased as Punch 
in his dark blue trader's 
jacket So was Mr Tom Dono- 
van, the exchange’s deboniar, 
mint-popping president. “So 
many well-capitalised traders 
who trade during the day are 
here,” he said contentedly. 

The sounding of the bell at 
6.00 pm prompt was accom- 
panied by the customary roar 
of bids and offers — and spo- 
radic applause from on- 
lookers. By 6.02:25. according 
to the electronic Clocks over- 
looking the scene, bodies 
were already being flung out 
of the seething T-bond 
futures pit, ejected by the 
crush. 

An hour later, trading was 
already much more sedate. 

But estimated volume at 
24,800 lots was higher than 
most had anticipated. 

“I had high expectations," said 
Mr Karsten Mahlmann, the 
exchange chairman, in high 
spirits. " And they have I GOLD 

been exceeded." ‘ 

The task for officials now is to 
keep the momentum going 
when the TV cameras have 
left “ Wait 90 days,” said one 
trader, Ur Bruce Elbin. 

“ Then we will know." 

One. encouraging sign was the 

wooo“SS B 3S h to 0 «SS?!te 1 °° LO ' ,UUJOH °““ 1 11 



1300-1WH l-15.fi 1325-1200 
1326-1328 —22.0 1555-1520 
1555-1338 -11.0 1370-1340 
1368-1375 —30.0 1400-1366 
1386-1592 —36.5 1421-1410 
1410-1420 -35.0 1445-1430 
1430-1450 — 46.0 


Sola*: 4,443 (5,877) lota of 5 tonnes. 
ICO Indicator prices (US cants per 
pound) for April 30: Comp, dally 1279 
111.33 (112.15); 15-day average 106.68 
(10BJJ7). 


With man ycountrias celebrating the 
May holiday futures attracted vary 
limited Internal and dosed unchanged 
on the day. report* GIH and Duffus. 


Caah 
3 month* 


[476-6.5 

1470-1 


—10 


[477/475 

1481/470 





Buabtees 





May 

July 

Sept 

Deo- 

in 

— l.B 
—8.0 
-1.0 

1266-1265 

1284-1288 

1511-1668 

1827-1*55 

1689-1367 

1689-1377 

1499-1687 








US MARKETS 

THE HOLIDAY in Europe 
dampened trading on the 
precious metals and energy 
futures, reports Droxel 
Burnham Lambert. Gold, 
silver and platinum futures 
all steadied on mixed baying 
in markets dominated by 
locals. Copper rallied as buy- 
ing in- the May position 
widened the backwardation, 
but overhead selling pre- 
vented any major advance. 
In a lacklustre session erode 
oil futures finned on trade 
short-covering and outright 
buying. Cotton steadied on 
commission house buying 
hut trade selling slowed the 
rise. Orange juice futures 
fell on commission house 
selling: Cocoa, Coffee and 

sugar futures traded In- 
differently. Wheat futures 
steadied on news of the 
agreed sale of dm tonnes of 
wheat to the Soviet Union, 
but in matte and the soya- 
bean complex speculation 
selling and pre-weekend 
book-squaring saw prices 
ease across the board. Live 
cattle continued to firm as 
the futures narrowed their 
discount to the cash, but In 
pork bellies and hogs profit- 
taking coupled with fears of 
large hog runs next week 
saw futures prices decline. 

NEW YORK 


OUAIKME JUICT WWO to. WWo/lb 

~chw» jrinh -low 

May 132.80 13235 

July 130.70 130.75 131-20 130.10 

Best 139 DO 128.96 123.10 128.30 

Nov 125.40 125.15 125.50 125.3a 

J*n 126.30 725.00 — _ 

March 125 JO 725.00 — _ 

May 126 JO 125.00 — 

PUkTimw DO. troy os. 3/tray.m 


June 

-My 

Oct 

Jan 

April 

July 


Clee* 

Free 

Ktgn 

Lew 

609 0 

681. 7 



811.6 

«N.l 

818.0 


817.8 

800.4 

82Z.0 

fins 

82A8 

808 9 

«*.» 

' 818,5 

831.8 

813.4 

834.0 

830,0 

838.8 

.818,9 




SILVER 6.000 trey o*. eentel/hmy u 



CtoM 

Pre* 

Wph 



810.7 

was 

922.8 

790 8 

ion 

821,0 

803.P 

3X1.8 



eaa.o 

808.0 

830 l 8 

900 0 

Juty 

*25.0 

908.0 

330.0 

800.0 

Sept 

838.3 

817.1: 

B40.O 

808.0 

Dee 

861 .8 

832.0 

HB.O 

818.0 

Jao 

868-3 

838.8 

MM 


March 

MS.9 

*48-4 

862.0 

*41.0 

May 

878.7 

867.9 

873JB 

amp 

July 

891.0 

889.9 

1*5.0 

880.0 

SUGAR 

WORLD 

■nr r 



112.000 lb. c*Ata/Kr 




CUM 

Pro* 

High 

Lew 

Jury 

8.78 

7.31 

7.2+ 

0.7S 

Sept 

6.90 

7-30 

7-30 

7-20 

Oct 

706 

7.46 

7A8 

70* 

Jen 

7.19 

7.69 

-mi 


March 

7.4» 

7.75 

r. 77 

T<3 

May 

6.81 

7.08 

7.32 

6 DO 

July 

7.82 

8.02 

7.80- 

7.77 

CHICAGO 





LIVE CATTLE 40.000 0>. ca»(8/Mi 


ALUMINIUM 40.000 H>. cent*/ lb 



Close 

Prav 

High 

Lew 

May 

68-00 

66.00 

662S 

66.00 


64.80 

8440 



July 

64.00 

64.25 

8426 

64.00 

Sept 

61.80 

62.00 

62.00 

01Jtt 

Dec 

61.80 

62.00 

6200 

62.00 

Jen 

61.80 

62.00 


— 

March 

61.80 

62J» 


— 

May 

6 IM 

02.00 

— 

— 

COCOA ID tonnes, S/tennee 


Close 

Prav 

High 

Low 

May 

1B5H 

1945 

1966 

1940 

July 

1998 

1977 

1909 

1877 

Sept 

2021 

2003 

2023 

2002 

Dec 

2065 

2077 

2066 

2036 

Mend) 

2080 

2066 

2080 

2070 

May 

2106 

2091 

2102 

2102 

July 

2125 

2111 

212S 

:ts 

COFFEE 

*• C ~ 37,500 lb 

ceots/ib 


dose 

Prav 

High 

Lew 

May 

118.3 

120.86 

119.40 

116.50 

July 

120J2 

120.56 

■12020 

117.80 

Sept 

120.72 

121-33 

121.00 

116.90 

Dec 

121.06 

122.57 

122.00 

120.50 

March 

122.00 

123.60 

122.75 

12.00 

May 

122^0 

123.01 



July 

122.10 

124.S0 


_ 

Sept 

123.06 

12426 

— 

>- 

COPPER 25.000 lb. oants/Eb 


C/OBO 

Prav 

Hiah 

Low 

May 

KL80 

62-30 

63.00 

62.40 

June 

62.65 

62.20 



July 

62.50 

62.15 

R2.HO 

62.15 

Sept 

62.50 

62-S 

fi2 IK 

6225 

Dec 

62.80 

82-50 

62.80 

62.60 

.Ian 

6285 

62.65 



March 

63J0 

G2-90 

63 JS 

63.06 

May 

63.60 

6320 

55.80 

83.60 

July 

64.06 

63.70 

64.00 

B3.es 

Sept 

64.46 

64.10 



COTTON 50,000 

lb, cento/lb 



Close 

Prav 

HI oh 

Low 

May 

84.30 

64.45 

66.10 

04. OS 

July 

64.16 

64.35 

65.00 

63.80 

Oct 

64.00 

04.16 

84.0S 

63.85 

Dec 

63 JO 

63.91 

04 SO 

63.70 

March 

04^8 

64.43 

6S.1Q 

64 » 

Mqy 

66.07 

6523 

85-56 

66.55 

July 

6530 

65.58 

6G.62 

86.52 



Ctoas 

Prav 

High 

LOW 


67.35 

67.20 

67.42 

88.87 

August 

*2.77 

S&86 


02.25 

Oct 

82.47 

61.86 

82 60 

61.75 

Dec 

63. U 

82.87 

63 JQ 

0.45 

Fab- 

62.05 

61.97 

62.85 

81.97 

April 

63.20 

62.40 

63 JO 

62.(0 

June 

64.1S 

63 

04.16 

63.18 

LIVE HOGS 30.000 lb. 

cenfo/ib 



CIO** 

Prav 


Low 

June 

53.47 

53.47 

53.5S 

62.60 

July 

90.92 

60.75 

CO 95 

60.16 


+7.90 

47.90 

46.00 

47.30 

Dot 

42.50 

42.15 

4Z.E5 

41JJS 

Dec 

41.87 

41.40 

41.86 

+1 JSO 

Feb 

41.40 

41.00 

41.45 

40 00 

April 

36.77 

36.SS 

38-95 

30.55 

June 

41.16 

40.96 

41.20 

4a re 

July 

41.06 

41.05 

41 JS 

41.06 


MAIZE 5.000 bo min. cents/TOb-bushal 


• 

Close 

Prav 

Nigh 

lew 

Mey 

179.8 

178.0 

mo 

176.2 

July 

•104.8 

18*_2 

TSfi.0 

162.9 

Sept 

186,0 

1002 

105.4 

mu 

Dec 

107.2 

188.6 

189.0 

164.2 

March 

194.0 

186.2 

196.4 

103.4 

Mey 

-M8J 

197.4 

«cr.4 

TfflJ 

July 

197.4 

166 .4 

no.0 

1*7.4 

PORK BELLIES 36.000 lb. cents /lb 


Clean 

Prav 

HJqh 

LOW 

Mey 

752)7 

75.10 

7S60 

74 25 

July 

71.92 

72.K) 

73.10 

71.40 

August 

67.70 

88.62 

68. DO 

67 JO 

Feb 

57.57 

66.60 

68.95 

67.90 

March 

57.30 

68.90 

58.40 

57.30 

May 

68 JO 

99.46 

■— 

58.30 


62J6 SOYABEANS GjOOQ btt min. renta/fidb- 


bushel 


Close 

Prav 

High 

Low 

May 

636.2 

534.4 

537.4 

631.2 

July 

636.6 

537.0 

540.4 

533.4 

August 

536 X 

S38.4 

940-0 

536.0 

Sept 

S32.0 

529J 

534.0 

526.4 

Nov 

533.6 

533.4 

535.0 

529.0 

Jen 

S41.fi 

541.4 

542.4 

537.4 

March 

5*9.4 

546.0 

580.0 

545.4 

Mey 

6S4.0 

654.0 

565,0 

660.0 

July 

SRJ) 

566.0 

656-0 

653. 0 


SOYABEAN MEAL TOO tone. S/lcn 


CRUDE OIL (LIGHT) 

4&0Q0 US gallon*. S/barrel* 


June 

■My 

Auguet 


Utaet 

18.84 

1840 

16JZ 

18.05 

17.92 

17.88 

17.7* 

17.75 


Prav 

18.73 

UL3B 

18.13 

17.97 

17.88 

17.82 

17.77 

17.75 


Htoh 

IB-90 

18J3 
18 J7 
18.10 

17.89 
17.92 

17.90 
17.79 


Low 
18.73 
18 J8 
18.13 
17.98 
17.07 
17.80 
17.1* 
17J0 


May 

My 

Augus t 

Sept 

Oct 

DM 


Clara 

160.5 
1SB.1 

167.6 
«f?.5 

167.8 

188.8 


Frew 
TOO J 

169.4 
199J 

188.5 
TS8S 
150.1 


High 

W.6 

158.4 
168.7 

158.5 

mo- 
wo .2 


Low 

1SS.fi 

157.0 

■refl.fi 

155.8 

157-5 

m.1 


HEATING OIL 

41000 US gallon*. cante/US geUon* 


Latest 
June 49*36 

July A83B 

August 49-90 

Sept GO-GO 

Oct 51.20 


NOV 

Dee 


Prav 

48.91 

43.92 
49A0 
50.16 
60 80 


— 6130 

52.00 5220 


Htoh 
49.70 
48.00 
50.15 
SO. BO 
61.38 


Low 

48,80 

48.78 

49.30 

50.20 

60.86 


Jen 

March 

Mey 

July 

160.4 
162 J 

162.5 
163.0 

161.5 
163 J 

163.6 

163.7 

T81.0 

162.5 

763.2 

163.0 

mo 

161.5 

162.5 
163.0 

SOYABEAN OIL 60.000 lb. centa/K> 


dose 

Prav 

Hi*h 

Low 

May 

16.34 

16.92 

16.46 

16.95 

July 

16.73 

1«J» 

TfiJO 

16.20 

August 

16-87 

16.38 

18-97 

16 AS 

Sept 

17.00 

16.65 

17.01 

16.80 

Oct 

17 JO 

16.70 

17.25 

W.75 

Dec 

17.50 

17.02 

17.70 

77.06 

Jon 

T7.B6 

T7.07 

17.56 

17.26 

March 

17J7 

17.40 

17 JS 

17 JO 


52-50 52.00 


GOLD 100 troy o*. 9/tray m 


Official closing (am): Caeh 473.5-4 
(482-3), three months 470-1 (479-93), 
aetOeinant 474 (483). Final k*rt> dose: 
410-0.5. Turnover. 5,700 umnat. US 
Prime WMiam: 41/44 cant* per lb. 


TIN 

KUALA LUMVR TIN MARKET: Cl ora 
16.68 (18.67) ringgit par kg. Up 0.1 
ringgit per kg. 


Gold rose J1** an ounce from Thun- 
diy’e da** In the London bullion 
market yeotarday to finleh at $454-454fe- 
Th* metal opened at *462VdS3 end 
traded hetman a high of $468-469 and 
a low of S452-45Z4. Trading w*e quiet 
ahead of tha long waekand with in- 
veetore content to cover ahart ooel- 
tione ahead of the long weekend. 


Soles: 1.237 (3.713) iota of 10 
tonnea. 

ICCO imfleotor prices (SDRe per 
tonne). Dally price for May 1: 1601.64 
(1583.14); 10-day average lor May 4i 
1S19J6 (1622.90). 


POTATOES 

Alter recant heavy tells, end with 
Bank hoKday ahead. May traded 
quietly with profit- to king keeping 
ve/uaa iteudy, reports Colay end 
Harper. 

lYeatanlay'a Previous IBurinea* 
Month I 01088 \ do** I d one 

£ per tonna 

KHL&q 161,80. 186.00-I51.0a 
Ba.sa 83.10: 88 . 00 - 88.00 

SB.OO) 99 gQ-| _ 
189*00) igsjiq 182 -56-12248 
136,90 136.001 — 

Seles: 657 (612} lata of 40 tonnes. 



Ctose 


Htoh 

Low 

May 

4S7.1 

484.1 

467.6 

465.0 

June 

469.5 

456.6 

461J 

455.0 

July 

462.3 

459J 



August 466.0 

461.9 

466.5 

460.5 

Oct 

470.5 

467J 

471J 

466J 

Dec 

478 S» 

472.7 

477J 

471J 

Fob 

481.7 

476J 

483.0 

477.0 

April 

487 J 

483J 

4863 

486J 

June 

493.3 

480.6 

494.0 

400J 

Oct 

506.6 

602.S 

605.0 

605.0 

Dec 

513-4 

609.1 



Fab 

52QJ 

515.6 


™ P 

. .. .. 

WHEAT 


BARLEY 

Mnth 

Si 

Yeefrdye 

eloee 

+ 07 

May _ 

181.00 

+0,281 

100.00 

(-OJO 

July .„ 

184.10 

—0.11 


— 

8ep._ 

101.60 

-0.1b 

99.86 

— OJB 

Nov.— 

103.BQ 

-0.11 

10S.10 

—0.10 

Jan.— 

106.05 

-0.11 

104.70 

-0.18 

«ter_ 

109.08 

— 0.1® 

106.80 

— 0.10 

May ... 

111.80 

1— O.B6| 

108.60 

—0.10 

Bunin ms done— Wheat: Mey 121.90* 
1.76, July 124JKM.ia Sept 101.75, Jen 


WHEAT 5,000 bu min, eants/60Hr- 
bushel 

*Kev 


May 

July 

Sapt 

Deo 

March 

May 


Close 

209.4 

277.4 

179.4 
286.0 
735.fi 
Z7fi.fi 


288.0 
274 J) 
175.4 

284.0 
284.6 

275.0 


High 

291.0 

278.0 

mo 

286.0 
T&a 

278.0 


Low 

288.0 

274A 

275.4 

282.4 
263 4 
278.0 


SPOT PRICES — Chicago loose lard 
14.00 (13-50) cent* par pound. Handy 
and Harman ailver bullion 008.0 (783.0) 
cent* per troy ounce. Nsw York tin 
319-22 (318-20) rente par pound. 


I Close | High/Low I Prav. 


Dry Cargo 


July 

938 

938/911 

683/887 

Oct. 

980 

980/960 

535 

Jan. 

9B0 

980/955 

940/950 

Apr. 

970/98B 


930/970 

July 

840 

— 

7501000 

Oct. 

650 

— 

800/860 

Jen. 

820 

— 

BOO 

&!' 

970 

— 


1026 

— 

1019 



end March untredid. May 111.75. 
Seles: 128 lota of 100 tonnea. Barley: 
May 109.80. March and May unvaried. 
Sales: 1 Im of 100 tonnes. 

HGC/V — Location el ex-farm spot 
Prices. Fried Barley: Eastern 112.00. 
E. MWe 109.10. N. Eaat 111.80. The 
UK monetary coefficient for the weak 
beginning Monday May 11 (bated on 
HGGA calculations using 2 days' ex- 
che nge^ raiaa )>■ expected to change 


GAS OIL FUTURES 


^ten < SnMp° Se riSS VB? 

AfWl’nUnrr tn huYiiiibd nM. aft*n>n oefiB TR 


According to exchange offi- ] Afrri*n nx $458.76 
dais, 182 permits have now 
been sold. 


(£873.176) 


GOLD AND PLATINUM COINS: 


SUGAR 

LONDON DAILY PRICE— flaw auger 
SI 82.50 (£108.60), down S3J0 (down 
. £2.60) ■ tonne for May- Juno delivery. 
,_Whlt* sugar *193.60, down $4.00. 


Consob agrees market reform guidelines 


BY JOHN WYLIES IN ROME 


CONSOB, the 
authority for the Italian sto 
market, hag ended months of 
laborious discussion with-agree- 
ment on a reform package 


liamentary legislation. tors. have to be licensed by Consob 

Given the impending general The plan requires the creation to carry out equity and fixed 
election on June 14. thin is of new firms dedicated solely to Income securities trading, 
unlikely to be tabled much equities trading, which is to be underwriting and placement of 

before the end of the year. It concentrated on the stock securities. Investment . manage- 

specifically aimed at enabling may then run Into delays result- exchange through electronic ment and investment connsel- 
Italy to join In the liberalisation ing from special Interest lobby* trading. ling. 

of financial markets projected infiL .The vex ed question of who A 5 jngj e firm would need an 

by the EEC... . _.In the meantime, Mr Franco mouW con^l th^^iTOS^ naa individual licence for all four 

an 


I Am Eagle. 846*471 
Maplel ear 8467-470 
Kr'g'rnd. 8467-460 

l* Krug 8959-840 

U Krug—. >181-128 

Angel 8466-488 

1/10 Angel S^OU-fcOi* 
New SoVm S107-108 

Old Sov SlQ7te-109 

• 80 Eagle S610-660 
Noble Piet 8610-828 


(£28010-88214) 
(£27944-281 1«) 
(£27514-27634] 
(0145V, -143 >4) 
<£7Bl«-73t 
(£8783,-2801*) 

(£641+8614) 
(£5061* -35630 
(£37034-37814) 


SILVER 

Si Ivor warn fixed 11 .7p en ounce 
lower tor epst delivery In the London 
bunion mantat y*surd*y at 478*. US 
cent equivalent! of the fixing lev* la 
were: apot 783.5c. down 19« three- 
mand) 807 ^c. down 19.4c; alx-month 
820.KC. down 19.7c: and 12-month 


No. 6 
Con- 
traot 

Y'etord'ye 

closa 

PravkHM 

ctose 

Duslneari 

dona 



• P47tC 

mne 

Aug mm 
O ot — — 

L>OC 

Mar 

M«y___ 
Aug.— J 
Oct™ ._ 

P 

1B1JMBTJJ 1B2J-162.6 

188.0- 1M.ffl IE8.B-1B7.4 

1BBJ-172J — 

174.0- 174. to 174.0-157,6 

17B.MB0.Bl — 

188.B-U2JI — 

— 1 183.8 


Month 



May 

June^__ 

July — 

Aug .... 

Sept. 

US* 

per tonne 

148.60 
148 JB 
148.60 
260.26 
161,76 

+an 

+0J6 
+ 1.« 
+ 1JB| 
+ 1A0 

i43.NMa.ga 

14AM47J8 

143JS-48J10 

151J64L0B 


Turnover: 809 (231). 


OIL 

In en active day** buslneae in tho 
crude mericer most Brent deals assn 
were *preed* between month*. Brunt 
pilcee finned eround 30c for May. 
wnfi* the outer monche firmed by only 
around 10c. June VVT1 opened 8c up 
on Nymax end traded 7c up it 1.30 pm 
EDT. Mey dey hoddeyc on the Conti- 
nent kept the petroleum products 
meriret v«y quiet. Hephtha we* traded 
lor petrochemical use but other 

£ roducta were quiet— Petroleum Argue, 
indon. 


Lataet 


(PSL 


CRUDE OIL— FOB (8 per barrel}— May 
Arab Ught , 

Arab Heavy, 

Dubai 


Brent Blond- 


Forcadee (Nigeria} ! 

Unto (olf NWb^L 

PRODUCTS— North Wort Europe 1 


Z6.B6-10.IJ 

18.SG-18.es 

10.BO-1B.8&H 


+0,008 
+ OJ7G 
+0.16 


Turnover: 1,366 (2,901) ion of 100 Prompt delivery df l# par tonne) 

towrae. • ibg-iob; - 

147-140| +1 


Premium gaeolina— 
Gee 

Heavy fuel mi-— - . - 


Nepfttfui. 


107-108) — 

166-1681 — 


The Consob's 90-page plan is Piga, the Consob chairman, who been answered ultimately In activities. Zt would have to 

oA example of how the Italian is currently Minister for Indus- favour of banks and other finan* satisfy capital and liquidity i «>«, . - — - ■: 

authorities are using the Com- try in Italy's caretaker govern- mal institutions. Until the new requirements and its staff would I St M^embT/aroiioc? 1 ^ 

m unity's target of a unified ment, is expected to encourage regime is introduced, however, tiave to be of proven honesty | «i-«7p O 02 -ei 2 c; . 1 

I_* __1 ■:.+ t 4AJIA . " wilvnrl " Cmi« nf nanW UUri «_ __ I 


internal market by 1992 as a a start on government drafting 
spur for long-needed internal of the legislation, 
reforms. Consob's objective is to intro- 

However, its implementation duce an unprecedented degree 
could yet be some way off. Lack- of regulation into Italian securi 
ing in detailed recommend* 


mixed " firms of banks and Consob says that one of its 
stockbrokers mart be majority- objectives must be to improve I silver Bullion 
owned by the latter. the quality of equities prices I ty Fixing 

Finns owned by banks and through a proper auction trad- 1 trmr ” Prlc * 
credit institutions would be ing system which absorbs all j Spot -mjoSo 


ties trading, with the specific allowed to trade on the stock possible trades into the market, 

lions, the plan is more a set of aims of protecting investors and exchange about three years At present; roughly half of 

guidelines which will have to be of providing codes of behaviour after the introduction of the trading volume is accounted 

fleshed out by the Government for, and avoiding conflicts of new regulations. for by banks in after-hours 

and then enacted through par- interest among, market opera- Individuals and firms would trading. 


+ or L.M.E. 4- or 
— p-rn. — 

Unofflol 

-11.7 488p .+14 

-lit 4Mp j + 15 


3 month* . « 86 JBpL-H 4 l 49Sp 
6 month* . 4a6Jtop |— l — 

It month* |S14 J6p 1-1 


iBp |+^8 


LME— Turn oven 0 (0) tote of 10,000 
ounce*. 

Tlirafi month* final kerb 490-5p. 


Salas: 3 .225 (5.877) lets of 60 tonne*. 

Tea a Lyla deKvety price tor 
granulated beeia- sugar we* E214JS0 
(£216.60) ■ tonna tor export. 

Intamattooer Sugar Agr**m*nt— (US 
cent* per pound .lob and Rowed 
Caribbean porta.) Price* lor April 3GK 
DeHy price 7.07 (SjSOJ; 16-day average 
6.M (ftfifi). 


GRAINS 

LONDON GRAINS — Wheat: Franck 

1)4-12 par cent Apr 143^0. English 
lead W> Mey 123^5 buyer. Jim 12LG0 
sail are. Sep 103.60 f 
107.00/107.50 huyar, 

111.00/11 ISO buyer, 

US No 3 yellow/French trarreMpmont 
seat Boost Mer "146.00. Be day: English 
feed fob Mey 113.75 paid Met coast 
Apr 113.00/114.60 buyer/seller. May 
115,00. Aug 101.00, Sep 103JX), Oct/ 
Dee 106.0Q eetlara. 


HEAVY FUEL OIL 


Month , 


ia 


««y — 

Jun« 

July 

| US 8 
per conne 

108.00 

90.60 

101.76 

+ 0.60 
+ B.00 

108.00- 

99.60 


buyer, juti 124.60 

SS; freight futures 

-/sellar. Maiza: The market opened on a firm nc 


with reports of a Soviet pure haw of 
4m tonnes oi wheat tor September 
delivery ^ aiding the bullish 1000 ^ 


* June 

Petralaum Argue eatlmetee 


MEAT 

MEAT COMMISSION— Average rat- 
5- , 5 ck ^ p 2 J c * , ~?L. rBpf *» ontB tlva market*. 
Cattle 85.70a per kg iw (-1.79). 

P ar kg »*i dew 
f-iPio)*- 06 — VIJSp per kg Iw 

RUBBER 

PHYSICALS — Closing price* 
(buyer# ): Spot 62-OOp (him); June 

61.7SP (seme); July 61.26p (*eme). 
The Kuala Lumpur fob price (Malayile/ 
Singapore come) par kg: RSS No 1 
-Jgpj pj : SMR 20 — (20T.B). 

684. Mev I 


% 





































S* + * * " 










Financial Times Saturday May 2 2687 


WORLD STOCK MARKETS 


13 


NEW YORK 


Aptfl W 


Mn 

USS- 




AAR.. 

AGS Computers , 

29% 

41 

Si 

65% 

■+%* 

a 

AMRCvpun- 

+% 

-H 


18% 

+% 

Abbott Lks 

59% 

9? 

+% 

-% 



Adunced Micro,— 

IS 

-i 

+i 

AhnSuttun 

22 % 

23& 

+% 

AHmtO-CtUvcr— , — 

+% 

Alcan Atandafam 

Atw Standard. 

41% 

50 


26% 

-%. 



a 


40% 

AffledBanshares — 

Ah ted Si gnat 

AH Is ChoWs 

8 

-IS 

3 


a% 





34* 

+% 


44% 

+i% 

Am Can ............ 

Am CytaftmW— 

90 



68 % 




27% 






84 

4 

+% 


66 % 

Am Medical l oll 


35 


Am PftraGu 

56% 

40% 

ft 

ft 

+% 

+i 



+z% 





80%. 





Analog Devices _ 

Anchor Hocking 

21 % 

30% 

34% 

50% 

+% 

+% 




Apple Computers—— 

Archer Dade* — 

Arizona Pub Sor- . 

79% 

19% 

23% 

10 % 

37% 

ft 

+i% 

+% 



Armstrong WhJ 



Atlantic Rich 

Amo Data Pro 

85% 

46 

+% 


77h 

-% 





+% 

Baker tttoes _ 

18 

+% 



8tifr. 


BritGasAOO. 
Bara One. 


Bank of America 

Bank of Boston 

Bank of New York. 
BariwrtTa H.Y_ 
Barclays ADR .— 
BamttBfcsFl— 

Barry WrfgM 

Basic. 


Bmsb&Lombtoc- 
Baxter TnM-ol— 
Bccor Western 



BriggtStraiMn ,» ■ 

Brtitot Uteri— 

British Airways AMS . 
BP- 



19V 

30k, 

2- 

35 
U- 

36 

Sf 

g 

£ 

47V 


38% 

48% 

if 


15% 

55 

a 

99V 

25% 


87% 


47% 

39% 

19% 

26% 

«7% 

-57% 

67% 

17% 


+% 

+% 


+% 

+% 

+% 


s 


+% 

+% 


+1% 

+i% 


5 


+2% 

a 


+1 

* 




:s 

-ife 



CMkortar Enrtv- 

Ce 


CMnL43.vr.. 

Canal n*TMd „ 
Cramp Hone Build — | 
Chtnw Inti. 



Clark Eqp»m« 


+3% 

+% 


3 

+i% 


A 

fi% 


& 


+i% 

+% 

+1 

♦% 

+2 


+% 

+% 

+H 


+1 

♦1% 

+1 

*h 


* 



0»N 
Core. Paper 
Consuoer Power 
Coral Corp 

Comi IIBmfa 

Coed. ItL Hldgs. 
CoU Tit Corp 
Control Data _ 
Comm. Teds 
Cooper Irak 
Coots Adolph 
Coapenran. 
Corning Blass 


Cwtis WKafc 


Qafsy Systems 


Om&BratKftat. 
DupOM. 


+% 

+& 


a 

if 

+% 

+1 


& 


a 


+2% 


EG AG. 


Eaton. 


EdifleMfn, 


Emerson Elea— 
Emery Air Freight . 
Emftart. 



3 


+1 

+% 


♦% 

I 

a 


+% 


+% 


3 


gaf;., 

gatx. 


GEtCOCoqu 

GTE Co 

GaBaherAG. 


Griu- 


Gmianaoa 

GnDmnkl 

Gen Electric } 

Gen 

GenMWs 
Gen Motors. 


Gen PeO Utffitict 1 

Gen 

GmSigmi 


GenTJr*. 


CeneW tO . 
Georad — 



Grace. 


Grainger tW.wj. 
GlAtl paeTet._ 
CirWwKetoca- 

Gl WMFiMNdal ! 

Greyhound 
Gro Group. 

Gr 


Gulf and Western. 
Gulf States Ud. 


49 

wot 

a 

s 

is 


103% 

P 

ft 

$ 

U 

51 

ft 

« 

ft 

67? 

ft 

90 

51% 

34% 

11 % 


3 

+H 


+¥ 


+1% 


"S 1 


ft 

-% 


A 

i 

a 

a 

+% 


+1% 

$ 


Hall(F8)- 

HatHtw 


HarauUlnUtfl 


=} ii 


a 



Husky 00 


Hatcoo (ER- 


IC Ms 



^a 


+% 


8 


a 

+% 

+% 

+% 

* 




+% 



a 

+i% 

+i 





60% 

32% 

ft 

2?* 


Kaiser Ahtowm— _ 
Kaneb Services — 
jCgfngp Broad tnc_— 

13% 

-% 

'+i% 

V-HCHm+al 

KerT-Mcgee Oorp. — 

32% 

a 

iu& 

51% 

+% 


i 

& 

Kbidiertr-Clarif 

Knight Rider H 


$ 

Krahlnc 

53 

33% 

86% 

+i% 



4-1 

3 

3* 


a 

$ 

+i% 

+% 


LTV Corp- 


LeasewayTrans.. 

UHylEHJ 

Lin Broadcasting. 
Lincoln MM COrp. 
Utton Inds.. 
Lockheed. 

Loews ( . 

Loan Star.— . 
Lone Star Tcck — 
Lang bund Light. 
Longs Drug Sirs.- 
Lotus Dev. Corp— 
Intdsiani Land . 



Lucky San. 


4 

48% 

91 

ft 




13 

10 

32% 

37% 

34% 

26% 


+% 


I 

? 

+% 


+i% 

* 


M A Canto, lot. 
MCA. 


MCI I 


MaptMan..- 

Manft. Hanover . 


itotioi 


Mass Until Corp.. 


MayDepLStrL. 

iSSSS^diwT 


McOenaac. 


McDoue/l Douglas. 
McCrar HU— __ 

McKesao 

Mea d .. 


MoeedMi. 


Merrffl IgratJi 


Mesa LMied PA 


Monarch MIT. 


Morgan UP). 


§ 


Monbln Knudann. 
Merton THoM.— 


+% 


+1 

+1 


3 

3 


+i 

a 


♦IV 

♦% 

+i 




+% 

♦i 


:s 


a 

+% 

♦V 




a 


+j% 

+3% 

♦% 


♦% 


AydM 


Naka Chert* 

Mat Dirt Own— 
Nil Inurgnop. 

N*t Mescal Era— j 
NatSeiMooniftK 
NatSweicpInd- 
NmWeaBart- 

N&btarlmS 

NBD Bancorp 

MCM8 - 

NCR 


Network Systems — 
New England Elec— 
NY State E&G 
NY Times 


Mowotaet Minini ' 
N lag Mohawk — 

Mleorloc 

N0«B 


HortolV SooUr'm 
N American Coai 
MthAmpuaps- 

Northeast Util 

tttim Indiana PS 

Nth State Power. 



uss 


+% 

a 

♦% 

$ 

+% 

3 

3 


+% 

3 

+% 

» 


+% 

+i% 



Oneok toe. 


Onera Express __] 

trd Marine | 


0«hoartfl._, 
OreoensShip- 
Owens Coralag. 


ft 

64% 

if 

l 

I 

28% 


+1% 


-5 



Peoples Energy - 
Pepstcn. 


PcikfoEHner. 
Petrie Stores. 
Pfizer. 



Piessey 



Prtrar Computer 

Procter A Ga^ie—J 


PtdtServCAG 

Pub $ Co Mudan 1 

Paduan Prabody 


67% 

36% 

46% 

41% 

Si 

53% 

34% 

25 

* 

29% 

6 

i 

36% 

If 

i£ 

7^ 

IS 

If 

24% 

If 

s 


7% 

2* 

68 % 

34 

42 

26 

27% 

84% 

38% 

s 

37% 


+% 


3 


3 

+i% 


S 

+% 

8? 


3 


a 

« 

a 


a 


i 

3 


Choker (to. 




+% 





♦% 

a 


+% 
~ % 
9ft 


+2 

a 


a 


SPSTe iJoul ag y , 
Sabine Carp 



-% 


♦1 


a 


+«a 


. Ap»fl38 * 



71% 

32% 

SwSdPmaer 

Sears Raeoudc 



ft' "ft 


pM 

Sigma Aldrich 

42% 

43% 




a 






5dm.i9Xng.Tri. 

1 

1 -■ - fL !■— . 


52% 

135% 



Standard Oil Co.. — . . 
Std.Pnxh.Co 






Sundstrnd 

s* 





+% 


+% 


-% 

♦z 


Tie Conans- 
TRVUlnc- 
Taft. 


Telerate. 


Temple In 


Tiger mentation* . 
Timelne- 


Tbms Mirror. 


Tiler. 


a 


USX Cop. 


UeEMCora- 


UaocalCarp. 


US West. 


UtdTeOmotogy. 
UtdT eh can— . 
UMeaa. 


VF. 


Vulcan Materials 


Web Markets. 
WettsFarqo— 
Wendy%l«L_ 
W. Paint Peppa 
WestN.Amerh 
Western PabUsi 
WesunUaioa 


WhertogPtas. 


vmamte 

Wta Dale Store. 

WhmePago 

Wbc EMc Power. 


Xerox. 


YeDowFitSys. 


-I 31% I -% 


Zawe. 


Zero Co. 


4 . 

24% 

26% 

27% ♦% 


Indices 


NEW YORK 


DOW JONES 




*or. ^ 
W J 


Is 

t 1987 | 

| Sira* carapllation 



o 



ZZflfaJb 

225426 

2231.96 

2230*4 

mi 



pgypTji 







I <26)1 

rTrr a 



89.92 

89*4 

89*1 

8923 

95*1 

8923 

-j 







19® 

■ '•r-L. 1 ! 


(—) 


91432 

910*8 

908.03 

91023 

961.48 

81*38 

961.48 

1232 







am 

W407) 

W7/32i 



20230 

20020 









>1 

t27 m 

T'IJTil 



♦Day's High— ZMA20 122832*1 Law — 22SODO CZ2mZ71 


STANDARD AND POOM 
CampdsHel — . 


NYSE 
AmeiMkLethe - 
NASDAQ OTGCanp . 


28836 

341.48 

2»J2 


16186 

32519 

417A 


28*57 

13017 

27.7J 


160.94 

32254 

414^0 


28251 

32754 

27*2 


15950 

32018 

4J1.94 


28183 


526.74 

27*2 


1S927 

31001 


40868 


30L95 

(6M) 

3*9.49 

C6W 

3151 

<6ft> 


17158 

t24« 

3*2^3 

w« 

43964 

(20(3) 


24643 

can 

27*58 

am 

2749 

0(1) 


14151 

am 

267.49 

QSU 

35326 


aa) 


301.95 

C6W87) 

3*969| 

(6u«n 

3151 

(60(871 


*.40 
(1AQ2) 
362 
K2K602) 
8*4 
la/ion*) 


I 43964] 

Kkm7| 


4.4* 
\Q5W*Z) 
_ 2951 

\ona/w 

. 5457 

*300(72) 



Apr- 2* 

Apr. 10 

Apr. 5 

yew SCO (aopmx.) 

Dew MduMriaibh. Yield 

299 

2*6 

2*0 

3*5 


Apr. 22 

Apr. 15 

Apr. 8 

year age (aaJ 


2*2 

2*4 

247 

298 

SandPPICraUd 

2537 

2123 

2232 

1722 


trading Acnvrrr 


Mltfafi 
Apr. 30 i 


T.YMbdr 
r. 29 Apr. 38 


New Yam . 
Amn — . 
OTt — 


— 183*6 

11.90 

— 140.97 


fa) 28058 
bti 1249 
(pi pm* 


NEW YORK 

Apr. 29 Apr- 28 Aar. 27 


luees TrMed,— 

L9« 

1,947 

1,954 


961 

966 

531 

Fa* ... 

599 

601 

14a 

Unchanged 

388 

360 

302 

New Night 

28 

22 

20 

Hew Laws 

20 

41 

75 


CANADA 

TORONTO 



Apr. 

Apr- 

Apr. 

Apr. 

1987 


» 

29 

» 

27 

Wga 

Law 

MrtahA4Rfleni&— ^ 
ComaraKd.^. 

(a) 

371*70 

W; 

37042 

2675* 

368S.4 

2631,0 

[36582 

28136 Q1M) 
3881* wa? 

2988* 120) 
30674 

»WT«Al.l%rt(Wte ■ 


2534*00) 

NEW YORK ACTIVE STOCKS 



Stock* dating C han ge 
nmtiq- traded unce oh rffcr 
r hdraT— L m- A4J8.400 Jft 


Ch»y»ler. 


Stacks doting Ctope 
waded ’ fret and at 

2,477*00 - 38V +2 



May 

l 

Apr. 

30 

AW. 

29 

28 

| 1987 

High 

Law 

jirri* i . 

IKS 

ittol 

ii 

1756* 

1167* 

1749* 

U58.9 

1799.9CZ7/4S 

1224*<Z7«> 

148*7(2/2) 
7293 (2A> 


III 

19530 

194.95 

196*6 

230*00/1) 

194.95 (29/4) 


(O 

461661 

4599.77 

46(0*4 

4620*3(24/4) 

3987*6(90) 


m 

198*0 

198*4 

19724 

217*7(22/1) 

189*4(6/1) 


CO 

5122 

5121 

510* 

52120/4) 

42*2(5/1) 


(C) 

to 

453* 

223* 

4532 

113* 

K35 

460.4(26/3) 
117 212B3) 

392*0/1) 

97*01) 


to 

(O 

590.44 

1785* 

393.44 

17922 

H 

676*4(6/1) 

awjcvu 

538*2(1*3) 
1633* (1W3) 


2685*7 

2659*5 


255 


2449*8000) 

kn[2U|| 

(O 

767*4 

76054 

75662 

767*400/4 1 

673*0 00 



^22 

ta 

to 



13544*03/1) 

1557.46(1*1) 

NETHERLANDS 

ANP CBS Cen (19701 

AMP CBS (Mhiyt. (1970) — 

280*0 

2600 

cci 

to 

2808 

2609 

gSJ 

274,915/2) 

257.7 asm 
2407(28/1) 

77 ■ 

to 

424*9 

428,90 

42734 

4363604*4) 

361.98 (2/1) 


to 

2227.40 

1129*4 

2238.72 

I140J7fZ7'4) 

B89jQ8Q/1) 


= 

2186* 

■ • — 

2219* 

2812* 

2308027/0 

2836*11* 

17860 (19/3) 
14230(2/1) 



B 

22147 

222.98 

255.9502) 

212.04 (ZD 

iHBI 


277430 


2738*0 

27743013W) 

2211*91280) 



5883 

587* 

586* 

603*161) 

564* (25/2) 

mmm 



4519 

<54* 

4666(21/4) 

361* am 


<BM Sw;«00 160% ■*!% UltoCaridde— 2*63,100 30 ♦% 

£971400 91 *3% ^ :|«U» 4^ 


PMtoivt £“*SS 

DMrtA>W 2, 620, WO - iSj -2% 


Gee Motors. 
Aar Man. 


KOlftUQ 22% 


~S Murdsy April 25: Japn NBtkel 23,903-7 TSE 2428.98 

One wkws of Ml 6«6ce» ora 100 WS* 8n*sertSE-I,000 JSE GaW-255 
3645 and Aaarabn. AH Qrainary nod MeraH-SOO; NYSE AH Camuwt- 
Puor's— 10; and Tortmto Cumpdtite and SBauis— 3000. Tororaa unl<m Based 
Ponfolru 4/1/83 t EwdudUg Band*. ?UOO Mdouriah phis 40 UciHbh. 40 
(iM^drts. <c) Closed, iu) Unavauabu. 


.7 JSE MBiisznafs- 
-50: SUndam aoo 
1975 ana Montreal 
financial* and 20 


WALL STREET 


+1% 

-% 

♦1 


4 

+2% 

+% 


Dow shrugs 
off prime 
rate rise 


+% 

+% 

+3% 


♦% 


+% 

-1% 

-% 


STOCKS SHRUGGED off a V* per 
cent prime rate increase to 8 per 
cent and moved higher. But 
doubts about the ability of US and 
Japanese officials to defuse trade 
tensions and stabilise the dollar 
drove investors to seek refuge in 
less risky Blue Chips. 

Rebounding from an initial sell* 
off of about 13 points at the open- 
ing, the Dow Jones Industrial 
Average rallied to 2^97.59 by lpm, 
for a net rise of 1L23 on the day 
and 67.06 on the week. The NYSE 
All Common index, at $162120. was 
I up 34 cents on the day and $3.93 on 
the week. 

In the broader market, however, 
advances and declines were even 
keel as 119.79m shares changed 
bands. 

“ The market is telling oa that it 
well expected the prime rate rise, 

| and that did not seem to bother it 
much,** trader Bill Bee. ofPruden- 
| tial Bache Securities, said. 

| What is bothering investors, 
traders said, is sluggishness In the 
Bond market following a state- 
ment by the Bank of Japan that it 
does not plan to cut its discount 
rate. That conld inhibit Japanese 
buying of US securities. In addi- 
| tioo, investors demonstrated that 
they are not totally convinced that 
remarks made on Thursday indi- 
cating that the US and Japan will 
try. and widen their interest rate 
gap will be enough to stave off 
Airther declines in the dollar. 

Automakers led the market for 
the third straight day. Ford Motor, 
which surprised analysts on 
Wednesday when it reported first 
quarter earnings that were far 
higher than even the most 
optimistic estimates, led the 
actives with an advance of $6 to 
$97. General Motors rose 1% to 


$814b and Chrysler to $394*. 
General Motors announced new 
sales incentives on Thursday. 

Technology issues also main- 
tained their strong pace IBM 
crossed its 52-week high this mor- 
ning rising to $162, but at midday 
it was up 14* to S1613V Digital 
Equipment gained 244 to $173^4. 
Hewlett-Packard rose $1 to $57. 

THE AMERICAN SE Market 
Value index was up 0.58 to 325.77. 
for a rise of 7.76 on the week. 
Trading volume was 7.93m shares. 


CANADA 

Stocks turned slightly higher in 
active midsession trading as ner- 
vous investors favoured Blue Chip 
Industrials and Golds in the (ace 
of continued uncertainty over the 
US dollar. 

The Toronto Composite index, 
which was down earlier in reac- 
tion to the rise in US bank prime 
rates, moved up 3.50 to 3720.30- 

Banks were generally lower and 
dominated the active list, with 
Toronto Dominion off $4* at $28& 
and Royal Bank $t* at $341%. 

Analysts said banks with big 
loans to Dome Petroleum, up one 
cent to SL38, are pushing for bet- 
ter terms under Amoco Corp’s 
$5.1bn takeover bid for Dome Pet- 
roleum because the current deal 
would not see them get back all oi 
their money. 

Among Blue Chips in demand 
were Northern Telecom, up $1 at 
$55 V*. Gulf Canada $1 at $28Vs and 
Imasco $Vfc at $363%. 

Texaco Canada rose $3ft to £33% 
after its chief executive said the 
company would be interested in 
acquiring some Dome Petroleum 
assets, but not the entire 
company. 

Ford Canada slipped back $2 to 
$182— it rose $13 in the past two 
days on news of sharply higher 
first quarter profit. 


rises came after a total fail of 
1013.88 on Monday and Tuesday. 

Advances led declines by a two- 
to-one margin in a turnover of 
L3bn (886m) shares. 

Banks Communications, some 
other Financials, Insurances, 
Securities Houses, Airlines. Oils 
and Railways finned. 

Properties, Warehouses, Phar- 
maceuticals, Textiles. Minings 
and Constructions also gained 
ground. 

Brokers said that they expected 
a cut in Japan’s discount rate after 
Prime Minister Nakasone returns 
from talks in Washington. Falls in 
some short-term interest rates 
yesterday may divert money into 
stocks, they added. 

Baying sentiment was also 

boosted by the return of institu- 
tional investors who sold earlier 
In the week. 


Ampo! Exploration, subject to 
takeover speculation, added 
another 40 cents at A$5.60. com- 
pared with its week’s low of 
AS4.35. 

In the Industrial sector a large 
parcel of Lend Lease shares, off 40 
cents at ASI3.20. understood to 
have gone to institutions, 
accounted for 93m in turnover. 


Closing prices for North 
America were not available 
for this edition 


TOKYO 

Share prices surged in heavy 
trade on buying prompted by falls 
in some short-term interest rates 
here and reiterations of a Japan- 
US commitment to stabilise 
exchange rates. 

The Nikkei Dow Market Aver- 
age soared a further 40&06 to 
23,680.89. just under the day's 
highest levels. Thursday the aver- 
age rose 38457. The combined 


AUSTRALIA 

Share markets closed firm in 
uneventful trading with selected 
support for Golds and Oils provid- 
ing the highlight 

Continuing the pattern of the 
last few days, trading was gen- 
erally lacklustre despite a firmer 
gold price and higher overnight 
Wall Street close, as most inves- 
tors preferred to wait on the side- 
lines. 

At the close of trading the AH 
Ordinaries index was 3.7 higher at 
1.753J5 but the All Industrials 
index was down 40 to 2,500.8. 

The All Resources index added 
9.5 at 1.183.6 following a 38.6 rise 
in the Gold index to 3.500.3, while 
Oil and Gas moved up 43.6 to 916.5. 

National turnover 153m shares 
worth A$341ra, with rises out- 
numbering falls four-to- three. 

Brokers said Robert Holmes a 
Court's statement Bell Resources 
had A$10bn in credit lines avail- 
able for takeover bids helped 
push up BHP 14 cents to A$9.04 on 
speculation that would be his 
target, though he has said he has 
no such plans. Bell shares rose 10 
cents to A$5.36. 

Oil and Gas issues were in 
strong demand. Leading stock 
Santos made up most of this, gain- 
ing 44 cents to AS&30. while 
Oilsearch and Peko Oil gained 20 
cents to A$1.50 and SA1.60 respec- 
tively. Hartogen rose 15 cents to 
A$3^5 l 


AMSTERDAM 

Dutch shares finished very quiet 
and easier. Activity was limited 
due to the closure of several Euro- 
pean markets 

Internationals finished mixed, 
with Philips dropping FIs 1 to FIs 
47.50 on foreign selling in reaction 
to its plan to issue 20m shares, 
diluting share capital by 9 per 

cent. 

The shares were trading at FIs 
49.70 before Wednesday's news, 
which wiped out the positive 
impact of the announcement on 
the same day of a 42.4 per cent rise 
in first-quarter net profits. 

The issue is to be priced on May 
14 based on the last share trading 
price, offered worldwide and 
traded on the 18 bourses where 
Philips is present 

KLM eased FIs 0.90 to FIs 41.70. 
while Royal Dutch added FIs 3 at 
FIs 242.50 and Unilever FIs 1 at FIs 
582.50. 


HONG KONG 

Stock prices closed higher ip 
active trading buoyed by demand 
<br Cheung Kong group, up 75 
cents to SHK44.75. 

The Hang Seng index ended 
25.52 higher at 2.685.37, while the 
broader based Hong Kong index 
rose 16.70 to 1.728.82. 

Cheung Kong said Thursday the 
group bad obtained a SHK1.7bn 
loan to finance its purchase or 43 
per cent of Husky Oil of Canada. 
That news helped drive the Hang 
Seng index 70 points higher 
Thursday. 

Cheung Kong affiliates Hutch- 
ison and HK Electric were also 
among the day’s most active 
issues. Hutchison rose SHK1 to 
$HK51.50 and HK Electric added 
20 cents at $HK13.30. 

Hutchison Whampoa said it sold 
its 4J) per cent stake in Pearson 
PLC for £82.5m and analysts said it 
reached profits on both the sale 
and currency conversions. 



♦1% 


Creditanstalt.- , . 

1978 

2980 

♦3 

-60 



8675 

1*80 

-75 

-10 


141 

820 

+20 


BELGI U M/LUXEMBOU R6 

AprtM 


Prtc* +PT 
Fn. I - 




Baa** Gen. Oil L_ 
Bank Ira. A Lbs.. 
BrfcamB. 
ClmntiCBI 





J 78% l +1% 



Wagons 


-400 


-30 

+13 


-ID 

+15 

-28 


+40 

-120 

+20 

-20 

+10 


♦50 

+120 


-150 


+30 

+20 


DENMARK 

Magi 


Cop I 
D.Sukkerfab . 


East Asiatic. 


ForeneOe Brygg 

G NT Hold rag 

166*. Systems 

jytkeBartc 
NOMlfld*.’ 


MiMMtiBI 
Sophia 8erentfcen_ 
Superfas—— 


Wee 

•Cr% 


875 

2M 

329 

337 

182 

670 

269 

725 

505 

250 

269 

790 

192 


+15 

+3 

-1 

+3 

-2 

+5 


FINLAND 

April 30 




13* 
2778 
3575 
1577 
2*70 
113 
200 
51b 
1121 
1767 
509 
1624 
.1772 
1651 
3230 
1754 
. 457 JO 
J 476 

SUB RdssHjooI., 1 1296 

TrlemM* Elect. 3280 

Thompson I CSF I I lyffl 

Vain : 1 615 


GERMANY 

April 30 

Price 

Ora. 

+ 6r 


314*0 

+2* 


1731 

-29 

ffjcr 

272 



-15 

+05 


417 

I BHF-Banfc 

425 

-3* 


566 

'p”7 - -B5 

325*0 

259 

-05 




,S"wy^Tn 

99Q50 

-65 




+05 

-7* 

-05 

-05 


730 


Hoechst .. - 

272.90 

109 

-0.9 

HoUtnann (P) 

409 

224 

-1 



Karstadt 

420 

+1 






+54 

-9 

-05 

+07 

-05 

-S 

Linde . ■ 

Lufthansa. . 

695 

182* 

Mannesmarei _____ 
Mercedes Hid. 

1787 

830 

1 IT" rjiMrara^to 

1750 

-40 


835 

+2 



lowest Elect.— 

230 

-i 

-25 

-12 

-57 

Schertng 

593 


115 

358 




2767 

-i* 







-23 


ITALY 



April 30 

Price 

Live 

+ Or 


24150 

+50 

BastogwIRBS 

724 







♦130 

+700 


139900 

La Rmascentl — — — 
Montedison 

1335 

2935 

+8 

+35 

Olivetti 


-10 


5750 

4360 

+50 

-10 




35000 

+580 


NETHERLANDS 



Mayl 

Price 

FIs. 

+ or 

ACF Holding 

AEGON 

Ahold 

63 

90*0 

107.90 

+1 

-07 

-0J 

AKZ0. 

128*0 

501*0 

+05 

-5* 


6L20 

-0.4 


76*0 

+04 

BrederoCen 

Boehrmaan-Tet — . 
Oordtme Petroleum. 

Elsevier Ndu 

37 

53*0 

222*0 

51*0 

52 

+2 

-0.4 

+2-6 

+0.4 


44.70 

-05 




3970 

+07 

Hunter Douglas 

54J0 

21 

-07 

Im Moeller-. 

7050 

41.70 

-07 

-0.9 


15350 

Nat Ned Cert 

Ned Mid Bank 

70 

159*0 

14250 

410 

38 

-1 

-03 

-27 

+5 

-0.4 

-05 

Oca Crlriten. 

Omffleren (Vpo) — — 


47*0 

-1 


100*0 

+1.6 

Born men 

144.40 

92JO 

52 

24250 

+03 

Rorento 

+3 



+1 

VMF Stork 

VNII . . 

2350 

318 

+04 

-6 

Wotteri Samsem. — 

B550 

125*0 

+05 

+0* 

NORWAY 



A nr fr 9/> 1 WCt I 

Apf830 1 Kroner 1 

+JW 




Bergen bank .1 1B4 00 { 

BmgesenB 1302.00 1 

+1 

ChrijtUnia Bk— 1204.00 { 
Den Norsk CredA—. 1 lbOOO 

Eikeoi.. - 1 102.00 

+i" 

-3 



Norsk Data 

2U5.O0 1 
185.00 i 

+33* 

Orkla Bonrgaar >458.00 1 

Storeoranp-, 136300 1 

+25 

-2 


April 30 

Price 

Pts. 

+ or 

Banco Bilbao .... .. 


-22 

.1 , ..|r’ "ipMI 

i'. ■ 



459 

+10 


530 



1560 

-20 

;> "'.f’r-rrfi 

1139 

1R 90 

-9 















-45 

-4* 

Telefonica 

164 



SL Happortmgs. 
s*i«a Hnaeftta 
Swedish Match. 
Volvo BCFree). 


SWITZERLAND 
April 38 


Adia Inti. . 


Akisuisse 

Bank Leo. 



Fischer IGeoJ ........ 

HoH-Roehe (Pi Cts) 

Hoff- Roche 1/10 

Jacobs Suctard — 

Jelmoli 

Landis & Gyr 

Nestle- 


Oer-Boshrie J 

Pargesa Hldg 

Pli 


Santa IBr) 

Santa IPtCts) .. 

Schindler IPtCtsJ 

Slfca 

Surveillance 
Swissair. 


Swiss Bart. 


Swiss Reinsce 

Swiss VMkSDk _| 

Union Bans. 

Winterthur—. 
Zurich Ids 


Price 

Fit. 


12000 

530 

3225 

1830 

3080 

2190 

3050 

3600 

1780 

134000 

13475 

8675 

3500 

1550 

9225 

U30 

2115 

413 

11700 

1940 

770 

1580 

8550 

U70 

432 

15750 

2080 

4630 

620Q 

7200 


+75 

—9 


+5 

+40 

+40 


+5 
-1000 
+100 
-15 
+25 
+20 
-75 
-10 
+25 
+2 
+100 
+70 
+10 
+30 
+175 
+10 
+6 
-50 
+10 
+105 
-25 
-40 


AU5TRALM . 

Maul 


AC I im. 


A.F.P. . 


Adelaide Steams. 
Amcor. 


ANZ Group- 


Amgol Pel. 


ArtadneAusL. 
Ashton. 


AustGuarant _ 

Aust Nat Inds 

Bell Group 

Bell Resources 

Bond Corp Hldgs. 
Boral. 



Bums Philip.. 


CSR. 


Price 

AnstS 


4*0 

2.40 
8.70a: 

4.40 
5.76 
3J0 
315 
460 
3J0 


3- 12 
1020 
SJ6 
2*0 

4- 52 
430 
830 
130 
9.04 
1050 
1020 




Rrt. 


roc Trusts 


3.95 
320 

137 

6.90 

2.95 
035 
250 
4.48 

.220 
■ 365 
435 
335 
380 
4.60 
0*5 
135 
8.70 
1320 

3-28 

3*0 

1536 


—031 

-0.1 


+006 

+0J 

-063 

+065 


+0.07 

+0J 

+ 0.12 


+002 

-03 

-05 


+014 

+02 

-02 


+0.02 

+02 


+063 
+0.1 
-0 04 


+0.1 

-0 05 

+0.15 

-0.15 

-03 

-0.08 


+02 
-0.4 
-012 
1-O.lS 
I +0JX. 


(Continued) 


"tel 

Price 

AnstS 

♦ or 



-04 

-04 

+04 

-ace 

+005 

-045 

+07 

-03 

+004 

+0*4 

-04 


400 

3.45 

055 

455 

3.45 

3.40 

400. 





1*6 

630 


4.75 

4.40 


3*2 



rrrrj 




B7..I 



+005 


3.45 

P^U 


3*5 

El 


(JAPAN (Continued) 


H0N6 K0N6 

Mayl 


Bank East Asia. 
Cathy Pacific-. 
Cheung Kong — 
China Light. — _ 
Evergo- 


203 

5* 


44.75 

21 

0.73 

3525 

635 


Hang Seng Bank 
Henderson Land. 

Hong Kong China — j 15* 

HK Electric — 133 

HK Land 5.75 


HK Shanghai Sank-! 7.7 

HK Teleohone, 122 

Hutchison Wpa ) 515 


Indust Equity P 

Jardlne Main _ 

New World Dev 
SHK Props, 


Shell Elec. Mfg. 

Swire Pac A — 

TV-B. 


Wharf Hldgs 

Windsor Ind 

World Ini Hldgs i 


222 

16 

102 

145 

131 

17.4 

123 

82 

9.75 

352 


JAPAN 

May 1 


■ Price | + or 
I Yen 


Ajinomoto— 

All Nippon Air—. 

Alps Electric 

Asahl Chemtah— 
Asahl GLo 


3530 

1930 

1430 

1000 

2100 

1760 


Bank Tokyo 

Bridgestone 1 820 

Brother tnas. 1 578 

Canon I 75b 


Casio Computers — . J 435 

Chugal Pharm J 1730 

Date! 1 1600 


Dai Ichi Kan Bank— I 3840 
1655 


Dai Nippon lulu 

Dai Nippon Ptg 1 1880 

DaHva House - J 2130 

Dams Sec 1 3510 

Erti 1 1740 

Fanuc — 1 4370 

Full Bank -1 3900 

Fun Film ——. — I 2780 

Fujisawa — 1 2050 

Fujitsu I 791 

Fujisawa Elea 1 BBS 

Green Crass „ I 2700 


Heiwa Real Est. 
Hiuclti. 


' 1930 
1945 


J 1550 
-1 1290 

Indl Bank Japan 1 4840 


Hitachi Credit., 
Honda 


IshiLawajima Ha— 

luzu Motors 

lush tC) 


725 

362 

850 


I to V oka do — . 3570 

JAL j 16700 

I 121 0 


Justfl. 


Kajima.. 


11980 


Kao Soap 1880 

Kawasaki Steel 1 244 

Krnn„— 1 2870 

Kobe Steel 1786 


Komatsu . 


_ 585 

Konishiraloj 590 

Kubota 535 

Kurragai 1 1210 

Kyoto Ceramic 1 3900 

MaruBenl — 496 

Mirul — — I 2390 



MiUil Bank — 1 2800 

Mitsui Co — j 675 

Mitsui Estate— n.- 1 2b*0 

Mitsui Tsatsu ] 75b 

M rtsukorni ! 1460 

NGK Insulators l 840 

N+oSec..._ 2930 

Nippon Denso 1 1330 

Nippon Elect 1 1630 

Nippon E. Dress ’ 1430 

Nippon Galki . 1380 

Nippon Kogafeu • 630 

Nippon tuiLan 1 338 

Nippon Oil— : 1290 



louslead Hldgs 

1*0 

QES - ' 

12*0 

Oemlng 

6.70 

Kong Leong Fin. — 

nchcape Bt m 

Kepuei Shipyard — 

3*6 

3.90 

303 

Malayan Utd. Ind 

2-39 

OCBC .... 


OUB 

’ublig Bank — _ 

3.90 

244 



Singapore Press— _ 

ktra/u Trading 

Tai Lee Bank 

(JOB 

7.70 

40S 

3*4 

5.05 


+061 

-062 

-02 

-02 

+068 

+ 0.02 

-068 

+066 

-065 

-062 


-061 

-064 

+03 

-03 


+065 


I SOUTH AFRICA 

April 30 


Price 

Rand 


AOerCtjrji.. 


AE&Ct — 


Allied Tech. 

Anglo Am Coal. 

Anglo Am Corp — 
Anglo Am Gold. 
Barclays Bank. 


Barfou, Rano 
Bullets, 



Gold Fields SA 
HrghreW Steel 
Malctjr Hldgs 


Neebank... 


OK Bataar?. 

RemOramJL. 

Rust Plat 152 

SaJren 1 2K0Q 


Sage Holdings 1 1*20 

SA Brewers.—-- I 2025 

Smith te.G.) I 39 50 

Tongaat Hu'etl 1 11*0 


-03 

+5" 


+ 0 $ 

+2 

-0.75 

- 0 * 


+0.05 

+03 

-025 

*2 

+0*5 


-035 


-025 

+0*8 


♦02 

+0.75 

+025 

-03 


NOTES — Prices «n thn page are as 
aimn on the inoivgfuai e< changes and 
are last ireoed prices, f Dealings sus- 
pended. a E» omaeno. s E« scrip Issue, 
r Em ng his. a Ei all - Price in Kroner. 
































































































































































\ 




14 


CURRENCIES & MONEY 


Financial Times Saturday May 2 1987 

LONDON STOCK EXCHANGE 


FOREIGN EXCHANGES 


Dollar finis hes weaker 


■THE DOLLAR failed to bold on to 
overnight gains as traders showed 
disappointment at the lack of 
progress made at the meeting 
between President Reagan and 
Mr Nakasone. Japan's Prime 
Minister. The dollar had moved 
firmer on an announcement that 
Japanese rates would be reduced 
and US monetary policy would be 
a little tougher, thus widening 
interest rate differentials and a 
small rise in prime rates to 8 per 
cent from "P-* per cent However, 
with hindsight this was not seen 
as enough to overcome the mar- 


£ IN NEW YORK 


ket'5 bearish feel towards the dol- 
lar since there were no firm 
moves to tackle the US budget 
deficit seen as the principle fac- 
tor behind the dollar's decline. 

The US unit fell to DM 1.7795 
from DM 1.7980. having touched a 
high of DM 1.7920. It was also 
slightly weaker against the yen at 
Y140.35 from Y140.60. Elsewhere 
it slipped to FFr 5.95 from FFr 
6.00 and SFr 1.46 from SFr 1.477a 
On Bank of England figures, the 
dollar's exchange rate index fell 
to 100.2 from 100.5. 

Sterling remained Finn despite 


intervention by the Bank of Eng 
land, notably in support of the 13- 
Mark. The pound's index finished 
at 733 up from 73.2. UK trade 
figures showed a better current 
account surplus than had been 
hoped Cor and pressure remained 
strong for another cut in base 
rates. 

The pound closed at 51.6690 
from $1.6805 but eased to DM 0750 
from DM 2.9850. Elsewhere it rose 
to Y234.50 from Y 23330 but eased 
to SFr 24375 from SFr 2.4525 and 
FFr 93325 from FFr 9-9625. 


POUND SPOT— FORWARD AGAINST THE POUND 


Apr 30 

barest 

Pie, isos 
Close 

£ Soot 



J month _ 

036-035 P" 




034-081 P<n 


12 months 

L‘HJ-130 pm 

2.0O-L9D pm 


Forward premium asd discounts apply to the 
U.S. dollar. 

STERLING INDEX 




Previous 

830 

am 

733 

733 

9.00 

am 

73 3 

732 

lore 

am 

733 

733 

lire 

am 

733 

733 

Noon 


733 

733 

LOO 

pm ...... 

733 

733 

2.00 


73.4 

73.2 

3.00 

pm ...... 

73.4 

733 

4.00 

pm 

733 

733 


May 1 

Day's 

spread 

Clase 

One north 

H 

Three 

months 

•4 

P-a- 

US 

16625-16725 

16685-16695 

035-032c pm 

£41 

080-0.75 pm 

1-86 

Canadi 

*7193-23378 

2-2340-2.2350 

029639c pm 

129 

038-022 pm 

0-54 

Netherlands . 

335-336L 

335V3 3«A. 

IVUsepm 

4.47 

3V3>spm 

3-87 

Belgium — 

6L55-6L9Q 

6L80-61.90 

17-lOc pm 

262 

38-27 pm 

230 

Denmark 

U36VU-23J, 

m8JrU49l Z 

VH 2 ore dis 

—121 

3-3V tfa 

-121 

Ireland 

13100-13175 

33135-13145 

03M31 pdfs 

-167 

020045 dls 

—147 

W. Germany . 

2.97-2 98‘. 

2.77-2.98 

lVlhpf pm 

6.05 

4V3V pm 

538 

Portugal 

23039-232.41 


60- 140c db 

-538 

277-409 dis 

-5.93 

Spain 

208.77-21060 


127 -291c dfc 

-1260 

386-589 tis 

-933 

Italy 

2124V2135Jj 

Z12S>rZ12bij 

lpnvl lire dls 

— 

Par-5 Ss 

-0.47 

Norway . 

iLwmm. 

1135-1136 

4V-5V ore db 

—564 

14V15>z(fis 

-5,42 


9.9Qi a -9.96Vi 

9.92 V -9.935* 

l>rl c pm 

131 

2V1‘» pm 

038 

Sweden 

10J7V10.4H, 

10.44V- 10.45V 

Vpm-V ere ifis 


db 

-837 

Japan _____ 

233lz-235 

234-235 

1V-1*» y era 

668 

3V3pm 

5.44 

Austria 

2O.92-2LO0 

20.92-20.95 

10-8% gro pm 

5.41 

26V 23V on 

4.76 

Switzerland .. 

2.431,-2.45 

2.43V-244V 


635 

3lr3 Pm 

533 


CURRENCY RATES 


Belgian rale n For convertible f r ancs . Financial franc 6230-62.40. Sir-month forward dafiar 1-30- 
1_25 c pm. 12-month 130-1.70 c pm. 

DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


Marl 

Bank 

me 

% 

Special 

Drawing 

Bights 

European 

Carrenqr 

Urn 

Surfing 


0-78253 

N/A 

ILS. Dollar __ 

53 

13053 

** 

Canadians 

7.90 

■ 


Austrian Sch. _ 

4 

N/A 

* 

Belgian Franc . 

8 

" 


Danhb Krone _ 

7 



Deutsche Mark 

3b 


* 

NedL Guilder _ 

at, 


m 

Freud, Franc. . 

9!y 


a 

Italian Lira 

115 


10 

Japanese Yen . 

2>J 

18365 

" 

Nonray Krone 

8 

N/A 


Spflnwi Peseta 

— 


m 

SwrdbJi Krona 

71? 


99 

In 11 


m 

M 



* 

*■ 




" 


May 1 

Day's 

spread 

Close 

One month 

% 

P-a. 

Three 

months 

% 

P* 

UKt 

16625-16725 

16685-16695 

035032c pm 

2.41 

060-0.75 pm 

16b 

Ireiandt 

34910-13005 

1.4945-L495S 

0604135c pm 

462 

130-138 pm 

332 

Canada 

13330-13400 

13370-13380 

031-034C pm 

-132 

0.44-0.49 cos 

-139 

Netherlands . 

23075-2-0225 

23110-2.0120 

028425c pm 

138 

0.968.91pm 

165 ' 

Belgium 

37.00-3737 

3760-3730 

lpro-2 c db 

-036 

3pm-2 db 

085 

Denmark 

6.706.74V 

6.70V6.70L 

L7O-220ore db 

-3.48 

425-4.75 db 

-267 

W. Germany . 

1.7770-1. 7920 

1.7790-37800 

0.4(H).43of pm 

2.99 

L47-L42pm 

323 

Portugal 

138-1381, 

138-1381] 

70- 115c dls 

—880 

240-315 db 

-880 

Spam 

125.45-12560 

12530-12560 

100-200C rts 

-1433 

300-500 db 

-12.74 

Italy 

1275-1282 

1273V 1274V 

260-3 JOfee db 

-267 

7-00-9.00 db 

-260 

Norway 

— 

668-6.68V 

425-4 .55ore dfe. 

-768 

12LS0-13redb 

-761 

France ___ 

5.94V-5-98V 

S.94V-S.95V 

0600757c «S 

-136 

1.75-285 db 

-127 

Sweden 



625V-626V 

135-L50oredb 

-2.74 

330-3.70 db 

-231 

Japan - 

137.70-14080 

14030-14030 

0.42-039y pm 

3.47 

123-138 pm 

3.44 

Austria 

_ 

1262-12621] 

29O230gra pm 

260 

860-760 pm 

265 

Switzerland- 

1-4580-1.4710 

1.4595-1.4505 

0.47-0.42E pm 

364 

126-121 fxa 

337 


•CJ/SDR rate for April 30: 174621 

CURRENCY MOVEMENTS 


t UK and Inland are quoted bi US currency. Forward pi e ndtm is and tftttamts apply to the US dollar and not 
to Ue imftvhhui currency- Belgian rate h for iw ei tM e francs. Financial franc 37 JO-37 A0. 

EURO-CURRENCY INTEREST RATES 


Mgyi 

Bade of 
England 
Index 

Morgan 

Goa rarer 
Changes % 


733 

-203 

U S Dollar 

1002 

-68 


76.7 

—11.4 


1386 

+103 

Belgian Franc 

1002 

-46 

Danish Krone 

936 

+3.7 

Deutsche Hark 

1472 

+21.7 


1756 

+248 

Guilder _ 

1353 

+142 

French Franc 

718 

-12.9 

Ur* 

47.9 

-173 

Yen 

2253 

4682 


Morgan Guaranty changes: average 1480- 
1482*100. Bonk at England Index (Base average 
1475-1001. 

OTHER CURRENCIES 


Miqr Z 

Short 

term 

7 Days' 
notice 

One 

Morth 

Three 

Months 

She 

Uombs 

One 

Year 

Sterling 

9V9L 

9U-9V 

9A^A 

9V-9V 

9.V-9A 

9A-9A 

U8 Dollar 

7V-71| 

6V7 

6^7 

7V-7V 

7A-7.1 

7V-7^i 

Can. Dollar 

Th-8 

7V-8 

7V7V 

7%8V 


evav 

0. Guiltier 

5 ,*.-5A 

5A-5& 

5A-5A 

5V-5V 

5V-5V 

5V-5V 

Sw. Franc 

3-31? 

2V3 

3V-3V 

3V-3V 

sk-n 

3H-3B 

Deutsctnark 

3I1-3H 

3H-3!I 

3H-3I3 

3H-311 

3V4 

4-4V 

Fr. Franc 

711-712 

7U-8 1 >, 


8 A-B.i 

BV8<2 

85-83 

Italian Lire 

8V-9V 

8V-9V 

•Vr'Ft 

9V7* 

9VJV 

9>^9V 

B. Fr. (FkiJ 

7,1-7 A 

7A-7A 

7V-7V 

TA-7 A 

7A-7A 

Ih-TH 

B. Fr. (CcrnJ 

7-Th 

6V7V 

7-7V 

7V-7V 

7V7V 

7V-7V 

Yen „ 

5-5* 

4A-4A 

3V4 

3V3V 

3V-3fi 

3V-TV 

0. Krone 

10V-10V 

10V-10V 

iov-iov 

10V-10V 

IOV-IOV 

10V11V 

Aslan SSng 

66V 

N/A 

3ii-3a 

3U-3H 

MV 




2-5650-2-5770 
23725-23755 
1422830-42-52051 
72445-7 .2655 
21865-22275 
1303&5-13. 0525 
116.75- 
132020-134270 
0.48240-0.48370 
6100-61.40 
423304.1440 
1473201944,45 
2J95O290T5 
6678066035 
3J415-25550 
3331033530 
5054052165 
5435-5405 
654006-5460 


15350X5410 

L422OL4230 

253070255340 

4369043720 

13L2S-133.T05 

7007073090 

7DJ0* 

6300083700 
027100007120 
370037 JO 
2.4725-2-4775 
1181001143.00 
1.734 5-1. 7375 
3.7495-37505 
21215-20245 
L996020040 
30305-30250 
32903300 
36725-36735 


Long-term Eurodollars: Two yuan 8V-8V pw am; three yews BV-8% per cent; far yean 8V- 
8V per cent; five yean 8V9 per cent nuninal. Short-term rates am call for US Dotlan and 
Japanese Yen; others, two days' notice. 

EXCHANGE CROSS RATES 


May 1 


DM 

YEN 


FFr. 
S Fr. 


H FI. 
Lira 


CS 
B Fr. 


2 

0544 


0336 

4264 


1007 

0.410 


0-298 

0.470 


1669 

L 


0561 

7017 


1680 

0685 


0.497 

0.785 


0.448 0.747 

1617 2648 


DM 


2475 

1.780 


L 

1269 


1995 

1321 


0086 

1399 


1331 

4010 


YEN 


234J5 

1*0-4 


7802 

1000 . 


2361 

9631 


6904 

1103 


104.9 

3790 


F Fr. 


4.937 

5.950 


3339 

4236 


10 . 

4075 


2958 

4672 


SFr. 


2-438 

1460 


0019 

1039 


2454 

L 


0.726 

1047 


H FI 


3358 

2012 


1029 

1432 


3380 

1377 


1 

1579 


2445 1091 1503 9514 
1606 3.941 5.428 3437. 


lira 


2126. 

1274. 


7146 

9066. 


214a 

B722 


6332 

1000. 


GS 


2335 

1339 


0.751 

9529 


2250 

0.917 


0666 

1051 


1 

3613 


8 Fr. 


6105 

3705 


20 J9 
2630 


6227 

2537 


10.42 

2909 


2768 

100 . 


•Selling rate. 


Yen per 1000: French Fr per 10: Lira per 1000: Belgian Fr per 100. 


MONEY MARKETS 

Rates ease 

INTEREST RATES continued to 
fall in London yesterday. 
Encouraging trade figures and 
sterling’s strength continued to 
put downward pressure on rates 
with many traders looking for an 
early cut in bank base rates. 
Three-month interbank money 
eased to SA-SVa per cent from 
9V« per cent 

Weekend money traded for 
much of the time at per cent 
and eased to 7 per cent before late 
balances were taken at LOMz 

The Bank of England forecast a 
shortage of around Elba, later 
revised to £1.05bn with factors 
affecting the market including the 
repayment or any late assistance 
and bills maturing in official 
hands together with a take-up of 
Treasury bills draining £450m and 
the unwinding of previous sale 
and repurchase agreements a 
further £937. Banks brought for- 
ward balances £10 below target 
and there was a rise in the note 
circulation of £295m. These were 
partly ofTset by Exchequer trans- 
actions which added £690m. The 
Bank offered early help which 
comprised sale and repurchase 
agreements on £5l8m of bills 

Further help in the morning 
came to £169m through outright 
purchases of bills in bands 1 
(£75m) and 2 t£94ml at unchanged 
rates. Assistance in the afternoon 
came to £294ra through bills 
purchases in bands 1 and 2 at 
unchanged rates. Total help came 
to £981 m. 


FT LONDON INTERBANK FIXING 


11150 am. May U 3 months U5. dollars 


bU 7 A 


o«er7A 


6 worths 115. dollars 


bid 7V 


offer 7% 


TV fixing rates are the arithmetic means, rounded to the nearest one-sixteenth, of the bid and 
offered rates (or 510m quoted by the market to five referent* banks at 11.00 a-io. eadi working day. 
TV banks are National Westminster Bank, Bank of Tokyo, Deutsche Bank, Banqoe National* de 
Paris and Morgan Guaranty Trial. 


May 1 

fhendghl 

One 

Month 

Two 

Morttis 

Three 

Mortis 





380-3.90 

MV 

3VJ% 


7V-7il 

V1V 

B-8V 

3V-3V 

MV 




Tokyo — 

334375 

384375 



3.96875 

Milan __________ 

9V10V 

9V-10V 
7 ,»-7 A 
UVUV 

— 

9V10V 

7,1-7,*. 

10V1D^ 

Duhlln 

11 V- 12V 

ll-uv 


Six 

Months 


365-3.95 

a,; -8 A 


IOV-IOIj 


Lombard 

Imervmlon 


56 

74, 


LONDON MONEY RATES 


May 1 


Interbank 


Sterling CDs. 

Local Authority Deposits 

Local Authority Bonds 

Discount M'ket Deposits) 

Company Deposits 

Finance House Deposits 

Treasury BINS (BuyJ 

Bart Bill, (Buy) 


Fine Trade SIMs iBuy] __ 

Dollar CDs 

SDR Linked Deposits 

ECU Linked Deposits - 


Over. 

night 


1012-7 

9V 


9ij-a 

9‘y-e 


7 days 
mu* 


9>93j 

9V 

% 


Month 


9.V9A 

9*. 

9* 

*'• 

9V-9V 

9*1 

9V 

91 

10 

7 006.95 
6A-3J1 
611-611 


Three 

Months 


9V-9V 

9V-9,’, 

•Pi 

S' 

91* 

9V 

8(1 

Vh 

9>J 

7.15-7-10 

6V-6 

6B-6H 


Six 

Months 


9,V9i 

9i-9 

9i‘» 

9A 

91* 

9V 

* 

730-735 


One 

Year 


9A-9 

8(1-84* 

94 

V. 

94, 


7.70-766 

7A-7A 


Treasury Bills (sell); one-month 94 percent; three-months 84, percent; Bank Bills (sell): one- 
ith 9i* per cent; three months 8(1 per cent; Treasury Bills; Average tender rate of discount 
8-t>968 p.c. ECGD FI red Rave Sterling Export Finance. Make up day April 30, 1987. Agreed rates 


month 9i* per cent 1 three months I 


Average tender rate of discount 


for period May 2b to June 23, 1987, Scheme 1: 1129 ilc- Schemes II & 111: 1111 p-e. Reference 
rate tar period April 1 to April 30, 1987, Scheme IV:924ipx. Local Authority and Finance Houses 
seven days' notice, others seven days' fixed. Finance Houses Base Rale 10 per cent from May L 
1987: Bank Deposit Rates lor suns at sewn days* notice 3V per cent. Certificates of Tax Deposit 
(Series 6); Deposit £100,000 and aver held under one month 8 per cent; one-three months 9>* per 
cent: ihree-si, months 9V per cent; six-nine months 9>i per cent; nine- 12 months 91, per cent; 
Under £100,000 B per cent from April 28, Deposi t s held under Series 5 104* per cent. Deposits 
withdrawn (or cash 5 per ceffi. 


A FINANCIAL TIMES SURVEY 

PACKAGING 

This Survey is due to be published on May 29, 1987 
It will feature articles on: 

THE CHALLENGE OF PLASTICS, NEW FRONTIERS, 

THE GLASS MAKERS, ALUMINIUM, PAPER AND BOARD 

If you wish to know more about this survey and would like an editorial 
synopsis or information on advertising, please contact: 

JOHN WISBEY 
on 01-248 8000 ext 4807 
or write to him at 

Bracken House, 10 Cannon Street, London EC4P 4BY 

The cametu. mzc amlpuhlictaitm dan vf umvn in the Financial Tune . t urv suhjnt to change ai the discrown <4 ike Editor 


Gilts steady as equities reach new high 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings Won s Dealings Day 

Apr 6 Apr 23 Apr 24 May 5 

Apr 27 Hay 7 May 8 Hay 18 

May 11 Hay 28 Hay 29 Jan 8 
- New time dealing* may talce ptaee 
from 9.00 am two buxines* day* eoifler. 

The City of London's confidence 
in the prospects for another cut in 
British interest rates in the near 
future remained strong fallowing 
the latest moves to stabilise the 
dollar, and the stock market 
moved to new highs, encouraged 
by the latest opinion poll surveys 
of UK political opinion. Bond 
prices ended a shade off bat 
closed steadily after the increase 
in US price rates, which was not 
entirely unexpected in view of the 
comments overnight from the 
head of the US Federal Reserve. 

On the back of the latest opinion 
polls, the equity market quickly 
moved to new peaks. The market 
closed near the day's best levels, 
with renewed vigour on Wall 
Street helping London in the clos- 
ing minutes. But. in both gilts and 
equities, there was a general 
unwillingness to take on new posi- 
tions ahead of the May Day holi- 
day. which bad already shattered 
down most of Europe. 

The FT-SE 100 Index climbed 18 
points to 2068.5, comfortably clear 
of the previous peak of 205&2 
chalked up on March 24. Also at a 
new peak was the FT Ordinary, 
14.9 up at 1626.9. 

The strongest feature of 
equities was the banking sector, 
as investors responded both to the 
evident determination to stabilise 
major world currencies and to the 
tightening of the economic reins 
in Brazil, a noted debtor country. 

Investors in the major exporting 
stocks were prepared to take a 
favourable view of th outlook for 
currencies, despite some intial 
doubt as the precise implications 
of the Japanese pledge on interest 
rates. 

Jaguar, strong seller In the US, 
moved up sharply on expectations 
of stronger dollar sales. Against 
the background of bid moves in 
the UK communications industry, 
Renters attracted US buyers 
following its annual lunch in 
London. 

Oils continued to find invest- 
ment Interest, with Shell again 
attracting the British buyers. Brit- 
ish Petroleum were also a strong 
market once again, as the share 
split encouraged share buyers 
already responding to general 
iptimism regarding the group's 
prospects. 

Government bonds closed well 
.although prices were 14 oft The 
tap stock was sold by the Bank at 
30V4, and the sector brushed aside 
the increase in US prime rates. 
London was helped by firmness in 
the transatlantic bond market 


FINANCIAL TIMES STOCK INDICES 








Year 

ag» 

1987 

Since CompflarioB 


1 

30 

Apy« 

29 

28 

27 

HfeB 

Lore 

Wgd 

Low 


91,96 

9169 

9135 

9166 

91.64 

92.79 

9239 

84.49 

127.4 

4938 


9737 

9686 

9635 

9662 

97.47 

96.78 

(23® 

97.98 

. (6fl) 
9023 

(90135) 

105.4| 

(30/75) 

5063 


2,626-9 

16128 

4473 

16086 

4392 

16892 

16652 

1,382.9 

Q9/3) 

1,626.9 

(20) 

1,320.2 

i2aaiMn 

1,626.9 

00/75) 

49.4 


44 SA 

4403 

463.6 

Z5Z8 

dfl] 

4858 

. (20) 
2882 

UW87J 

734.7 

0616140) 

436 



nwi 

0912) 

□5T2TB3) 

txbovrat 


363 

362 

363 

366 

3.73 

3.91 

S.E. AC 

T1V1TY 

Earnings YW.9MfolU 

838 

833 

831 

8.43 

868 

9.78 

InSces 

April 30 

Aorfl 29 


14.70 

24.82 

14.89 

14.68 

14.42 

1289 


1753 

154.9 

5EAQ Bargauu (5 pm) 
Ecuity Turnover (£m) — 
Eauity Bargains 

41/156 

39226 

1.44335 

45899 

38629 

2,17132 

44,943 

37883 

38877 


Equity Bargains 

2922 

2:917-4 

2598 

3156 

2912 

2,3673 

1523 
317 J 

1,91261 

45,925 

1384.12 

50,210 

56634 
23 800 

5-Day Average 
Gill Edged bargains — 
Equity Bargains 

Shares Traded ImD 


6203 

471-7 

558.7 

5323 


Equity Vahre — 

3,1608 

3,0466 


Opening 


10 a.m. 
1621.4 





Noon 


1 p.m. 


2 p.m. 


3 pjn. 


4 p.m. 


1622.9 


1627.0 


1629.7 


1629.9 


1624.4 


1626.9 


Day's High 1630.6. 


Day's Low 1618 J. Basts 100 Con. Sees 15/1006, Fixed I IK. 1929, Onflnary 1/7/35, Gold Mines 22/955, 
SE Activity 1974. ‘Nil *1424. 


LONDON REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


Beechams were a particularly 
strong market (some 5.7m shares 
changed bands) and advanced 25 
more to 544p. Buying earlier in the 
week had been in response to the 
company’s launch of its heart drug 
Emin as e in 'West Germany, but 
yesterday’s rise was accompanied 
by talk of a presentation next 
week by a leading US investment 
house 

Clearing banks ended the week 
with a flourish. Lloyds led the way 
with a rise of 20 to 548p and Mid- 
land gained 16 to 67Gp. NatWest 
put on 0 to 6llp and Barclays 
firmed 5 to 523p. Elsewhere, Stan- 
dard Chartered were quieter, but a 
further 5 higher making a two-day 
gain of 29 at 837 p following the 
announcement that Mr Tan Sri 
Shoo Teck Puat had increased his 
stake in the bank to 7.24 per cent; 
Robert Holmes 'a Court's Bell 
Group recently increased its stake 
to 1A9 per cent the maximum 
permitted under current Bank of 
England’s guidelines. Merchant 
Bank Kleinwort Benson rose 21 to 
494p in response to Press com- 
ment and Hambros gained 9 to 
250p for the same reason. Cheaper 
money hopes lifted Hire Purch- 
ases. Combined Lease Finance 
added 15 at 228p and First Natio- 
nal Finance put on 6 at 270p. 

Still reflecting recent Press 
speculation that an offer could 
soon be on the way for Son Life 
from Liberty Life, the South Afri- 
can conglomerate which holds a 
near- 26 per cent stake in the com- 
pany, if it is unsuccessful in its 
attempt to put 3 of its directors— 
Messrs. Middlemas, Marler and 
Rapp— on the board of Son Life at 
the annual meeting to be held on 
May L3. SL moved up & more to 
£21|2; TSB, long rumoured to be 
interested in Sun Life, hardened a 


fraction at 84 p. Among Compo- 
sites, Royals remained depressed 
by reports of a broker's profits 
downgrading and closed 11 off at 
874p. 

Plastics manufacturer Doeflex 
staged a highly successful market 
debut; the shares, placed at 135p. 
opened at 138p and touched 166p 
prior to closing at 165p. USM- 
newcomer Select Appointments, a 
recruitment consultant group, 
advanced strongly from an open- 
ing level of 163p to close at I93p 
which compares with a placing 
price of 135p. 

The Breweries sector was fea- 
tured by the marked weakness of 
Vanx which dropped 24 to 535p on 
news that Wolverhampton and 
Dudley has sold its bolding of 
1.95m ordinary shares and 390.000 
new nil paid shares realising a net 
profit of £2.5m; Wolverhampton 
shares jumped 10 to a year's high 
of 335p. Matthew Brown moved up 
another 4 to 572p still boosted by 
hopes of a bid from Scottish & 
Newcastle, the later hardened 3 to 
245p. 

The recent cut in interest rates 
continued to lend support to lead- 
ing Building issues and demand, 
although relatively modest, was 
enough to lift SMC 4 farther to 
855 p and Blue Circle 6 to 854p. 
BPB Industries rose 8 to 726p and 
Rngbv Portland Cement added 2 Vi- 
to 232 Vip. Elsewhere. Costain 
regained composure having fallen 
sharply on the disappointink 
results and closed 6 better at 519p. 
Taylor Woodrow firmed 6 to 375 p. 
Walter Lawrence gained 5 more to 
150p reflecting speculative 
buying, but Aberdeen Construc- 
tion remained a depressed market 
in the wake of the preliminary 
figures and shed 21 to 227p, a two- 
day fall of 43. 


LONDON TRADED OPTIONS 


OpBon 

1 CALLS 

PUTS 

My 

OcL 

Jan. 

job 

Oct. 

Ja. 

Allied Lyon 

330 

83 

93 

— 

2 

4 

_ 

(■409) 

360 

56 

67 

78 

6 

9 

17 


390 

33 

45 

52 

13 

18 

22 


420 

17 

27 

35 

28 

33 

40 

Brit. Airways 

130 

28 

29 

_ 

3 

5 


(•157) 

140 

19 

25 

31 

5 

9 

IX 


160 

10 

17 

22 

16 

17 

18 

British Gas 

70 

32 

35V 

— 

1 

IV 

— 

<•1001 

80 

23 

27 

— 

IV 

3 

— 


90 

15 

19 

23 

3 

5V 

7 


KM 

8 

1 ah 

16V 

6V 

9 

10V 

BJ». 

283 

53 

62 

73 

4 

6 

n 

(*325) 

300 

38 

49 

60 

7 

12 

18 


317 

26 

36 

— 

13 

21 



330 

— 


43 

— 

— 

29 

SrttoU 

220 

35 

43 

51 

5 

9 

12 

(•245) 

240 

24 

32 

40 

13 

IB 

a 


260 

14 

22 

29 

22 

28 

31 

Corn. Gold 

900 

112 

140 


23 

44 


(-963) 

950 

82 

112 

130 

45 

67 

85 


1000 

64 

90 

J1S 

77 

9/ 

115 


1050 

50 

77 

— 

115 

177 

— 

Courtauhb 

360 

86 

% 

_ 

2 

4 

_ 

(•442) 

390 

60 

72 

84 

7 

10 

14 


420 

37 

52 

62 

14 

21 

24 


460 

16 

32 

42 

33 

J7 

40 

Com. Untan 

2B0 

48 

56 

— 

3 

7 



(•319) 

300 

35 

44 

55 

B 

13 

17 


330 

19 

28 

38 

23 

28 

31 


360 

8 

16 

— 

43 

48 

— 

Carte & Wire 

300 

62 




4 

_ 



(*352) 

330 

42 

53 

65 

12 

U 

25 


360 

24 

35 

43 

27 

34 

37 


390 

7 

24 

30 

48 

58 

60 

G.E.C. 

180 

H7 

31 

38 

3V 

7 

9 

(•2001 

200 

14 

19 

25 

12 

16 

18 


220 

7 

U 

— 

24 

27 

— 


240 

3 

7 

— 

42 

46 

— 

Grand Met. 

460 

52 

66 

78 

8 

15 

18 

1*495) 

500 

26 

411 

55 

22 

28 

32 


550 

9 

20 

— 

60 

65 

— 

l.C.1. 

1200 

ISO 

205 

235 

15 

25 

33 

C1344) 

1250 

138 

165 

200 

20 

33 

47 


1300 

102 

135 

166 

30 

55 

70 


1350 

70 

105 

140 

55 

75 

90 

Land Securities 

390 

54 

63 

71 

4 

9 

15 

(*440) 

420 

27 

4.3 

51 

9 

18 

27 


460 

8 

17 

36 

31 

40 

49 

Marks & Speu. 

200 

33 

41 

48 

2 

4 

8 

(-232) 

220 

19 

27 

35 

8 

11 

16 


240 

a 

16 

23 

20 

23 

25 

Srell Trans. 

1000 

242 

265 

— 

3 

6 



C121U 

1050 

195 

215 

— 

fa 

13 

— 


HOC 

147 

172 

190 

U 

22 

32 


1150 

115 

140 

160 

22 

35 

47 


1200 

82 

110 

132 

40 

55 

67 


1250 

55 

85 

— 

67 

80 

— 

Trafalgar House 

280 

73 

80 



2 

4 


(*349) 

300 

54 

63 

73 

5 

8 

10 


330 

30 

42 

51 

9 

15 

21 


3b0 

10 

20 

31 

20 

28 

37 

TSB 

70 

17 

19 



1 

IV 



(•84) 

ao 

9 V 

12 

15V 

3 

4 

5 


90 

3V 

7V 

10 

®z 

10 

12 

Woohrarth 

750 

100 

125 

140 

8 

30 

35 

1*034) 

800 

60 

85 

115 

25 

50 

55 


850 

40 

50 

85 

55 

70 

85 




CALLS 

! -PUTS 

Option 


iETX 


■Bil'iff 

iEn 

ESI 

iE3h 


260 

73 

82 




mm 

QH 


280 

S3 

65 

75 

KI 

Efl 



300 

34 

50 

62 

III 

10 

iljH£ 


330 

13 

27 

41 

El 

23 


Ladbrofae 

373 

72 

75 

ni 

in 

■TH 


(■439) 

403 

43 

50 



a 

14 


443 

10 

28 


El 

22 

28 

LASMO 

200 

45 

53 

64 

1 

6 

10 

C7451 

220 

29 

37 

47 

5 

U 

15 


240 

14 

2b 

38 

82 

21 

26 


260 

6 

16 

28 

23 

28 

34 

P. & 0. 

550 

82 

«5 

106 

mm 

8 

12 

(■627) 

600 

35 

S3 

70 


IB 

25 


650 

8 

23 

40 

El 

40 

50 

91 MM 

220 


Z1 

25 

7 

U 

14 

240 

H 

13 

17 

22 

» 

Z7 

mmm 

260 


6 

n 

40 

42 

44 . 

fecal 

200 

31 

37 



2 

4 


<*Z28) 

220 

17 

22 

30 

6 

15 



240 

5 

12 

18 

17 

22 



260 

IV 

6 

12 

33 

36 



800 

172 

172 

IBS 

H 

5 

17 


850 

122 

125 

147 

II 

10 

30 


900 

72 

952 

U7 

u 

25 

45 


950 

37 

72 

90 

32 

45 

62 


1000 

18 

•A 

75 

57 

72 

92 


120 


25 

28V 

IV 

6 

8V 


130 

E4 

wv 

24 

4 

10 

14 


140 

■j 

1JV 

20 

8 

14V 

17 


150 

mm 

11 

17 

16 

19V 

22 

■iTV^^ViVl 

in 

3 A 

El 

IO 


Ob 

0* 


i-i 

U 

kI 

u 

05 

1 

IV 


no 

112 

X 

E 

n 

4 

a 

5? 

■ iSIIV'il'.'II 

118 

WJY 

| 

7{J 

■Tl 

mm 

IV 

2V 

(•024) 

120 

KlIi 


63 




122 


■Tl 

5A 

en 


3Ji 


124 

ml 

KI 


El 

tl 

4A 


Mon 

W" ■ 

in 

m 

K2I 

O 

■ >»f^ 

Amstrad 

160 

48 

55 

62 

■I 



(*2C2J 

180 

.32 

41 

48 

■fl 

El 



200 

19 

28 

34 

El 

mm 



460 

93 

100 

110 

6 

12 . 

15 


500 

55 

72 

83 

10 

19 

25 


550 

2b 

40 

bb 

35 

42 

48 


600 

7 

22 . 

32 

67 

75 

73 

Boos 

260 

41 

48 

60 

fl 

H 


(-297) 

280 

23 

36 

46 

■tfl 

Efl 

Efl 


300 

12 

23 

33 

El 

LI 

1 Si 

BTR 

280 

55 

63 

70 

5 

6 

9 

(■329) 

300 

.38 

47 

53 

6 

U 

14 


330 

18 

28 

37 

16 

72 

27 


360 

5 

14 

23 

40 

42 

45 

Bine Circle 

700 

162 

170 

188 


3 

AH 

(•853) 

750 

112 

120 

137 

■fl 

10 

Vfl 


800 

62 

S3 

102 

Cfl 

23 



850 

27 

55 

75 

eI 

40 

Ifll 

De Beers 

1 

285 

305 

325 

13 

30 

45 

CS13JX)) 

1100 

255 

775 

295 

30 

55 

70 


1200 

195 

72b 

255 

55 

85 

120 


1300 

13S 

IBS 

220 

105 

135 

170 


msm 


56 



5 

9 

_ 


360 

Efl 


60 



19 


381 

El 

36 


IB 

22 



390 



42 

— 


30 


420 

mm 

18 

28 

46 

48 

52 


Option 

June 

Oct 

Jan 1 

June 

Oa 

Jan 

Bass I 

650 | 

105 ] 

125 I 

145 | 

8 

20 1 

25 

1-947) j 

900 

65 1 

85 | 

103 | 

15 1 


45 


950 

35 

58 

00 1 

35 

53 

70 


1000 

17 

38 ! 

58 | 

75 

BS 

95 

GKN 

300 

35 

40 

54 

5 

12 

15 

(-330) 

330 

IB 

23 

38 

15 . 

23 

26 


360 

6 

14 

26 

» 1 

40 

45 

Jawar 

550 

*8 

70 

85 

18 

22 

30 

(-574) 

600 

22 

42 

57 

40 

47 

53 


650 

fa 

23 

— 

77 

82 


Option 1 

May 

Auq 

Dec 

May 

Aug 

Dec 

Barctays 

500 

32 

50 

62 

7 


30 

(-S20) 

550 

5 

27 

35 

37 

42 

so 


600 

l 

7 

15 

82 

87 

92 

Midland Bk 

600 

82 

97 

117 




1-6751 

6S0 

44 

! 62 

m 

15 




700 

10V 

27 

so 

30 

40 

50 


Option 




L3 

a 

0 


Srit Aero 

O 


92 


GDI 



(-662) 



55 

Efl 

tall 




L-J 

MJi 

37 

Efl 

ill 

so 

63 

SAT Inds 

460 

65 

80 

95 




(•519) 

500 

29 

50 

67 

9 





8 

28 

45 

38 

43 

48 

BrH. Telecom 

240 

51 

58 

ra 

— 



(•2901 

2fa0 

31 

41 

tfl 


■J 




15V 

27 

mm 

KM 


20 

1- * ' 1 

220 

39 



— 

mm 


C2S7) 

! 240 

20 

ri 

46 

flfl 

flfl 


1 

260 

a 

22 1 

32 I 

1 u 1 

1 IB 1 

25 



1400 

wm 

150 

180 

45 

70 

n 


1450 

flfl 

125 

155 

75 

95 



1500 

K.fl 

105 

130 

100 

125 

135 


1550 

35 

60 

no 

140 

155 

lbS 


1600 

20 

65. 

87 

175 

190 

200 


1650 

13 

50 

— 

220 

230 



E3 



__ 

37V 



__ 

4 


150 

19V 

25V 


zv 

5 



160 



» 



liv 


165 

9 

15V 


8 

10 



180 

4 

8 

Efl 

16V 

19 

toV 

LwtiD 

218 

53 

57 



mrm 

Kfl 


(-267) 

23b 

37 

41 

46 

flj 

flfl 



255 

21 

28 

33 


El 



273 

11 

18 

23 

Efl 

Efl 



130 


flfl 

23V 

■fl 

Kfl 



140 


tfl 

lav 


flfl 



mum 

uEm 

■tfl 

u 

EM 

Ea 



390 

no 

120 

_ 



igjfl 


420 

80 

92 

— 

2 

s 




460 

42 

62 

75 

4 

1 2 

18 


500 

14 

33 

52 

18 

25 

32 


550 

143 

148 



2- 

K21 



600 

95 

100 

122 

4 

Ml 

22 


650 

55 

65 

94 

17 

flfl 

40 


700 

» 

43 

57 

42 

Efl 

60 

Tmstinuse Forte 

200 

54 


64 

1 


6 

1-250) 

220 

36 


48 

2 

7 

9 


240 

18 


34 

7 

n 

15 


Ontttn 


FT-SE 

Mn 

(-2068) 


1850 

1900 

I960 

2000 

2050 

2100 


M* 


June 


Mr 


205 

165 

130 

105 


Aug. 




Jbfl* 


July 


Aug. 


Mag L Total Mw WftM. Uk 32,446,5^ 92lJ, FT-SE M 
1*801 Flit* 2,539. ' Under lyir^ irarfty Vice. 


Chemicals attracted selective 
buying interest in the wake of 
ICI's good first-quarter results 
announced earlier in the week. 
Laporte firmed 7 to 478p and Brent 
put on 7 to 172p- Foseco were 6 
higher at 27ip. 

Speculators in Combined Engl- 
ish were put out of their misery 
early yesterday when terms were 
announced of an agreed bid from 
Ratners. News of the offer, com In 
only a matter of weeks after Com- 
bined had declined a merger 
invitation from Ratners. left CE 38 
up at 360p, after 362p. and Ratners 
6 higher at 363p. Wool worth, which 
had been mentioned as a possible 
bidder for CE, closed 11 lower at 
832p. Elsewhere in Stores, Next 
found support at 354p, up 8, while 
news of the group's £150m expan- 
sion programme helped W. H. 
Smith move up 7 at 345p- Revived 
takeover speculation prompted a 
rise of 8 to 96p in Ladies Pride, 
while A. Goldberg added 5 at 146p. 

Reports of a cautious circular 
from Wood Mackenzie depressed 
Plessey which fell VA to 224fep. 
STC, recently strong followig a 
Wood Mackenzie recommenda- 
tion and the chairman's confident 
statement at the annual meeting, 
succumbed to profit-taking and 
dropped 8 to 287p. BICC, 
rumoured of late to be a possible 
bidder for Babcock, added 9 at 
332p, while British Telecom con- 
tinued to reflect hopes of a Tory 
victory in an early June election 
with a fresh gain of 3 to 290p- 
Elsewhere in Electricals, Check- 
point Europe soared 105 to 375p 
following the surprise bid from 
Britannia. BSR revived with a spe- 
culate improvement of 8 at 119p 
and gains of 12 and 17 respectively 
were seen in Enrotherm,428p. and 
United Scientific, 262p- Telephone 
Rentals relinquished 6 to 246p in 
the absence of the widely- 
rumotzred bid and Systems 
Reliability fell 20 to 195p on 
further consideration fthe second- 
hair profits downturn. - r ~ -V 

Interest in the Engineering sec- 
tor centred mainly on secondary 
issues, but Vickers continued 
firmly at 504p, up lft Elsewhere, 
favourable Press mention stimu- 
lated demand for Clayton Son, 13 
to the good at 233p. Jones Ship- 
man, 11 higher at 147 p, and Wagon ' 
Industrials, 9 better at 3l7p. Ran- 
somes Sims firmed 8 to 386p follow- 
ing the annual meeting, while 
other bright spots included Cam- 
ford 11 up at 146p and Beauford 10 ' 
dearer at 113p. 

Food Manufacturers enjoyed a 
busy session- Cadbury Schweppes 
hardened 4 to 257p following 
reports of an analysts' meeting, 
while Rowntree Mackintosh 
gained 9 to 510p after 515p, reflec- 
ting publicity given t a broker’s 
circular. Northern Foods inched 
higher to 294p pending possible 
acquisition news, while United 
Biscuits added 2 to 288p ahead of 
next week’s AGM. S. & W. Beris- 
ford put on 4 to 280p on talk of a 
deal concerning British Sugar 
with Tate and Lyle; the latter, still 
reflecting the interim results, rose 

4 more to 775p. Bucking the trend, 
(Irrigate came on offer and dipped 

5 to 379p- 

Food Retailers showed tittle 
alteration owing to lack of fresh 
demand although ASDA-9KFI - 
edged up 214 to 160p reflecting 
suggestions of the possible hiving 
off of MFL Dee Corporation, still 
reflecting reports of a recent re- 
rating, added 2 to 222p, while 
Kwik Save gained 8 to 295p follow- 
ing a squeeze on bear positions. 
Bejaun were 1 Vfe dearer at 178p. 

Elsewhere. Acanm and Hutch- 
eson advanced 15 to 349p in a 
restricted market, while Borth- 
wick firmed 65 to lOlp following 
Press comment. 

The Hotel sector showed Grand 
Metropolitan 8 higher at 495p and 
Trnstbouse Forte 3 dearer at 249p. 

Most leading miscellaneous 
industrials closed with little 
alteration. BOC. however, fea- 
tured a gain of 21 at 463p. but the 
rise was thought to have been 
prompted largely by technical 
considerations. Recldtt and Col- 
man, believed to have been over- 
looked of late advanced 3 \ to 
£10'4i. Elsewhere, Wardle Storeys 
dipped 23 to 473p on the lapsing of 
their offer for Chamberlain Phipps 
which closed a couple of pence 
easier at 144p. Cookson continued 
in demand and put on 10 further to 
652p. while Reed International, 
still responding to a recent BZW 
buy recommendation, advanced 
12 Airther to 442p. Good annual 
results left Janies Orean 30 higher 
at 53Sp. but interest faded In Pear- 
son Group. 61 Ip. down 13. follow- 
ing confirmation of the sale of 
Hutchinson Whampoa's near 5 per 
cent stake. Comment on the 
interim figures prompted a reac- 
tion of 12 to 437p in Wellcome, 
while Fobel eased 3‘a to 92p 
despite the recovery in the annual 


profits- Demand revived for. Blue 
Arrow. IS to the good at 6B4p, and 
Grampian. ? better at 32 lp. British 
Aerospace firmed 10 ta.602p on 
confirmation - of aircraft . orders 
from US national carrier Air Wis- 
consin. 

Jaguar, a subdued market or 
late, returned to prominence on 
currency influence* and rose 18 to 
574 p, Dawly firmed 7 to 27?p and 
Lucas gained 13 to 588p. 

Detyn Packaging, a good market 
since announcing preliminary 
figures earlier in the week, adv- 
anced afresh to close 10 dearer ai. 
375p. 

Leading Properties made 
further modest progress in 
relatively thin trading. Secondary 
issues displayed several- outstan- 
ding gains. Stockier featured with 
a rise of 8 at lESp following sur- 
prise news of a bid approach. Bhr- 
11a firmed 7 to I64p on details or 
an agreed offer for CMD Property, 
while Southend Stadium, stilt 
reflecting the good results, gained 
15 more to 598p. Merivale Moore 
rose 23 to 363p, in a restricted 
market and Countoy and New 
Town. In which British and -Com- 
monwealth's stake is up for sale, 
gained 12 to 174p. 

Shippings were noteworthy fora 
fresh gain of 7 at 627p, in P 4 ft 
while elsewhere in the sector. 
Tiphook continued to attract 
buyers and put on 10 more to SSOp. 

BATs jumped 17 more making a 
two-day gain of 28 ai 519p, after 
525p, as investors continued to 
pay heed to recent Press 
comment. 

Oil and gas shares staged a 
widespread and sustained adv- 
ance with buying interest again . 
stimulated by firm crude oil 
prices and the strength of Wall 
Street BP remained the outstan- 
ding performer in the sector and 
shot up 7 more to 323p, ex the two- 
for-one scrip Issue, still boosted 
"by the increased oil reserves in 
the Forties and Magnus fields in 
the North Sea, two “ boy ” recom- 
mendations from UK brokers, and 
the likelihood of the company 
acquiring the 45 per cent minority 
interest in Standard Oil following 
its increased offer, turnover in BP 
topped 12m shares. 

Shell rose to £12Vfe In sym- 
pathy with BP and Royal Dutch 
put on a point to £72¥k Interest 
continued to build up In Enter- 
prise Oil which added 314 to 237p 
while Ultramar, where New Zea- 
land's Ron Brlerley is believed to 
hold around 20 per cent of .the 
shares following his company's 
acquisition of a dominant stake in 
Rainbow Corporation, moved up 6 
to 227p. 

Second-line oils included a host 
of firm features. Inoco jumped 4 to 
a 1988 high of 56p still responding 
to the recent deal with London 
and Suburban Property. Centaij 
Oil rose 9 to 174p reflecting bid 
speculation, - while -Floyd Oil 
edged up 2 to 84p and Great West- 
ern Resources a tike amount to 
153p. Ann Energy settled 2 up at 
46p on. confirmation that. Irish 
group Jeffefsdn Smurflt has sold 
its 5 per cent stake- in the com- 
pany. Romanis of a disappointing 
drilling report fn. the offing left 
Atlantic Resources 3 easier at 44p. 
Ardmore Oil, placed at lOp, traded 
up to 14p. Jebsens Drilling were 
suspended at I5p at the company's 
request 

The closure of numerous Inter- 
' national trading centres for the 
Labour Day/May Day celebrations 
left South African sector of min- 
ing markets bereft of any substan- 
tial interest Moves designed to 
boost the ailing dollar, including 
Japan's stated intention of lower- 
ing apanese interest rates and the 
actions of many leading US banks 
in increasing prime rates by V* of 
a percentage point to 8 per cent 
. foiled to prevent another upturn 
in bullion which— after slipping to 
around $452.15 in the morning- 
moved up to close a net $1.5 higher 
at J45A25 an ounce- 

Gold shares drifted back in very 
quiet trading aud the Gold Mines 
index lost 2,9 to 444.4— exactly 
unchanged over the week. 

Of the leading Issues Vaal Keefe 
ran back £114 to £81vh and 
“ Amgold ” dipped 'A to £72. 
Cheaper priced issues showed 
ERGO 38 down at 520p. Stilfeutein 
17 off at 5O0p and Btyvoer 9 easier 
at 490p. 

Financials did tittle more than 
drift lower in Idle trading Rio 
Hate-Zinc, a strong market ear- 
lier in the week, fell 6 to 969p and 
Consolidated Geld Fields dipped 6 
to 963p> 

With oil and gas stocks captur- 
ing the limelight in overnight Syd- 
ney and Melbourne markets the 
Australian mines retreated across 
a broad front with the exception 
of Feke-Wallsead, 14 up at 339p. 

Traded Options 

A moderate week in the traded 
options market saw 40,664 deals 
arranged, comprising 31,448 calls 
and 9,218 puts. Hansen Trust 
revived strongly with 5,620 calls 
done, while British Airways 
recorded 2,745. 

Traditional Options 

• First dealings April 13 

• Last dealings Hay 1 

• Last declaration July 23 

• For Settlement Aug 8 

For rate indications see end erf 
Unit Trust Service 

Stocks dealt in for the call 
Included Riley Leisure, Telephone 
Rentals, Aurora. Inoce, Waterford 
Glass. fteadlcut. Control 
Securities. Glass Glover. J. Webb. 
Feck Holdings, Bula Resources, 
Southend Stadium, Child Health 
Research. Greenwich, Mitchell 
Cottt, Jtimuon, Pan! Michael. 
Laird Group, Benjamin Priest. 
Bryant Holdings. EgUnton, Bridon. 
London Securities and Body Shop. 
H elic a l Bar and Britoil were dealt 
in for the put, while double 
options were arranged in British 
Airways. Blacks Leisure and 
Wellcome. 


NEW HIGHS AND LOWS FOR X987 


MEW HIGHS *203) 

BRITISH FUNDS (XO), LOANS ML 

Zn&A 0 "?* 4 V’ 

OIi BANKS (5), BREWERS m 

SSSnLW CHEMICALS (5L 
S TOR ES (8). ELECTRICALS till" 
ENGINEERING (13). FOODS fst 
SS«“ Oh INDUSTRIAL (Si 
<3) ' ‘•ElSUftE (x£ 
MOTORS (2). NEWSPAPERS f2L 
PAPER (8), PROPERTY (23). SHOES 


J?K T S CT,t ** til. TRUSTS (24), 
(fi). MINES 

NEW LOWS 0X1 

AMERICANS (S| Campbell 
Gillette. Loan Star Inds, CHEMII 
(11 A kto, STORES tl) Goo (C 
ENGINEERING (2) Cook (Wm.), F 
Ciudourn, INSURANCE (1) NZI I 
LEISURE (X) Hanl me*. PAPES 
p9ll*Y Gnmo. TRUSTS (XI NU». Set 
Im. 







* : 

* 










































































































































































Financial Times Saturday May 2 1987 


DEALINGS 


liMMt Maims prrca*. 

For tkou ikuMN fr which 
Utt Hn Man ncoRMd MBM 
relevant data. .... , „ ^ 


t BanuiM at metal (Him, ♦JtofjslM doaa ttw iMvlMa day. 
dons win ao n nwmfaw a t nMCStsn to onnaa* "Wkate. 


CORPORATION A COUNTY 


K HWM1IJM g»(g 

a °' 4> 

Stifora^Coro *S»we l«4» 04 

£» e n94*.fiis Z oc 

s£2mm -Utopa 20 OS £130% 


i mu to _ 

*%pc IMS 

»T^ »%m: 


imtiwi con SUK £27 08/4) 

UK PUBLIC BOARDS 


ASDA-MFI Op «UNN (CD 1214 (»MI 
AmcKttd IfllMl Panto BtopcLn 1M7. 

“• 7%KLB 1M7-Z002 


BtopcDb 03-00 £009. 7toPCDb 01-93 

HSwttESS a4M> * 

Civile Port Authority 3pe£*2 <29*0. 


^ wy" rrr *awsr uH,w 7l * eL " 1MM4 ^ 

C *S? W4> * A«om*ted Sorority (HM0» SpcPt (£1) 

K3 *** 

49. «%PC 07-00 m«U PTMi'm? “ 

I £M > oohS! 1c 6^KOo°a«-M a «^« Sim 9 * 5-80 *•* *■ 7aipc0b. 

FOREIGN STOCKS W 


(coupons payable in London) 


China (Rep on BpcLn 1912 £23 (20/4J. 
Sac £11 Olio 


OJC.G. IntnU 12toucLa 1003-90 £100 
Bailey (C. HO 0 OrtClOP) ISO <27|4> 


Saratov Mrs us 3* 

^^^IhSaoslt On'S? SEow 7 fl? loo 

MSS™ ** ** !S7.%fi.aS?U»> M “» 


BET Hoc 2001 £1 1S>«P 

BTR +topc 1095 ECT09 (2374) 

British Steal OHM 1009 *98% lOOto 


Burton 4t.DC 2001 £1101** „ 

Cadbury Schweppes One 2000 *207 04:44 
Dannaiir (Kingdom of) lltoPC 1004 £114 


Bel (winch (10p> 128 30 2 2 
Bern rose Cor* *7toocPf (Cl 1 67 J27I4) 
Bcataor HldBS BncW (£1) 220 (29/4) 
Benson SBC (top) 370 


Dan marie (KlMMom ol 
(24/4)- Wit* to par 
Dlrom StopC 2002 1: 


Hasson Tst 1 
Honda Motor 


to par izupc SI 23 Vi (2914) 

:ooi£iio>rt 
Wrts to anti IB 


■fraud Qoalcact TtoecU* 1947-92 £87% 
Blackwood Hodge 6KFf (£1) 54 (27/44. 


oo% % u*:*k 


i&A"! 


ICI Finance (Ntthertoftda) Btopc 1000 £182 ' Boeing (*S1 £264 (24/4) 


Begod-Peicoah Cl Op) 35 (2BI41 


ICI Inter Flmuro Btopc 190> $233.86 Boots 7topcLn 1005-03 £91 


ICI 10 DC 2003 £103>s (2B/4) 
Inter Dank Me Dev 1 1toK 


Sou (COD Paul SocPI (£1) 42 (23/4) 

MM) Bowstar lads 4.35pcpr (£1) 54 % _ • 

Itol* 1998 £H2to Bowthorp* HldBS 4 DC DP 1944-93 £90% 


h ln,Jwb ^ 1ZUpe *1M«« Oral me fT f. and J. HJ A Nop- 




9%hc 2007 £93% (2714) 


Bra! thw alii 2 Gro 7tooePf (£11 50 (24/4) 


(2414). 7topClM»tn 2002-07 £77 
<ridport-Gundrr Spcbf (£1) 33 (2BJ4) 


PJSiiUd'di 1001 * 132-2a *’ aro 1B9Z Britton Alcan Aluminium fotopcDh 2011 
^S^ra^tSE*)"*' *“*■ •«* o5SSau5-riSn W Tot»eco SpcPf (Cl) 44 

sSEs^Sr as wur* 


£1004 IDtopcUnoLou 1090-99 £102 
British Bvar Rsadv SpJcUnsLs 1902- 


SPjcUnsLa 1902-07 


Smith Hep haw Assoc StoPC 2000 11 SO .720 ■*““* 13pcUit*Ln 1005 SC10* 

Smith (W. HJ Son 7 tope 2002 *106 to eww-. -n „, urnl. i« u 

Svensie EuwitiotKiK 2*ro 19*4 «4toS_ B ££f fc t M?4j r storu TtopeMtDb 1994-98 

BrtoU Pristina Comm 7BsCP( (£1) 102 


Sweden (Kingdom a«) Btopc 1098 C97to 
l27l4l . 


Thorn EMI 71wc 1902 £900 <20/4). 7.7S|vM (£1) Ub QM) 

woX(t« (wGiwl ewwffj Sac 9 tope antrai Shoe con HWat fitoncPf ci> so 

1992 COBto^^ °“ IB ^ (2SM). S'jDCSrdPf (£1) si HSM). 7 DC 


STERLING ISSUES »Y 
OVERSEAS BORROWERS 


American Brands 12toPClo 2000 CIIBto 
129141 

American Medics) later fltopcLn 2011 £09 

mV £94to v 

cStomi B, *ciS&. D? CtwpefatlPO ECM 


Calsa* Central* O* Cooper ati on 
12toPCU 2013 *125to % 6 to 
Cause National* Did Autorontes llMU 
2006 £153to* 

Cigna Ovenans Flnanra ISpcLn 2008 
£1Z2ti (27/4) 


. Ui 1 985-90 £91 to 
Brooks Service Grp Now 135 40 
Brawn Jackson OOp) 26 8 to 9 to. 10 75 
PClstPf «1) 132 « 714) __ 

Brawn Dover! Kent BpcUnsLo 1 085-03 £90 
24/4) 

Brown Bras BPCLn 1087-02 £92 28/4) 
Bulgin A. P.) 5p> 360 __ 

Bum 7PCUMHA 190S-07 £137 to 
Burroughs S5) £70to 24 U) 

Burton Grp Wts 1991 80.7973 5. Soc 
Uhsln 1995-2003 £83. OtoPCUnsUi 

1998-2003 £90 26/4) iPC Ua slJ l 1996- 
2001 £134 5 6 7 

BoUlas 6tosc1stMt&t> 1942-97 £94 to. 7to 
DOHMtOP 1085-90 £94 27M> 


Credit foncter da Franc* 10 tone Le 2011- 
2014 (Res) £107%. IdtopcLn 2007 
into) £142to to 3 to CW/4) 

Denmark 13pcLn 2005 £124% (29/4) 
Eaton finance IZtoPCton 2014 (Reg) £110% 


CM Industrial* 7 DC PI (£1) 228 30 (28/4) 
Cadbury Schwaopea 3toPClatPf £1) ATto. 
•tonciatMtOb 1994-2004 £85 29/4). 


E^n mane. 12to4Cku 2014 Ote.) iVtOto ^ 

m&<SS 4 SM - — 

fiSSa* 3 UB ftwuc 

'^ ( ;.^S2?»»S £133to to 4 to to IjS* SDCJ-l JiW*^ 

Imr^m^fl DSWkvamd Ok BtoPcLn iSSs^CITO GEaid) 4 ^' 


2013 £102% 

hiciri Bfc Rue. Dot BtopcLa 

£?il5 i\ ” ^ Z 1 

Ireland TltoKLa 2000 (R* 
MalayiM ' TOtoscui 2000, « 
New Zealand ii tone 2014 
Nova Scotia SDkpcLa 2010 
9 to to to. IdtoPCLP 2011. 


Charring Coe* IndjBHwc* 6ncLn IMS* 
*75 (2*to4>. lIPCUnHLJi i.1*“Rri)S COO. 
lOtoacUnaUi 1993-94 £100 (2414) 


Charter Cooed (2p Bn IM.18 


S-9Q £82 . 
(tp) 114 4 


New ZjMlaPd ii%pc 2014 <R*o) *1 1 »to 
Nova Scotia sitopcLa 2010 £U7to to to 
9 to to to. IdtoJKU 2011 £159% to 
Patroleea Maricanoa 14%pcth 2od6 £79 

R5SS S*^ ,B i*‘53. , .'Sa «23 

13.3petn Ml 0 (MO £114 to , 


Clyde giowen 203 

z-oSS^Ti^uSa 
c JSWBJWMtf® 58««*M) 


liWIH zw» t/w lAOJWAt £071* o (29f4) 

vsai.'sa™ ^ssi£^iwn 


(Rag) TPcr^ate.) 30. TPcPf (£1) 


BANKS. DISCOUNT 

Hr <X Irate hd 7PCVN 1984-41 


8b Of Intend 7PCVN 1984-41 t£87 

(28/4) 

It of - Wales 13 tone La 1993-97 £118 


(2014) . 

Barclays 8k. 
(20/4). 4 to) 

to to 8 to 5. 


Court* IP urUahera) 227 30 

2 Z£ OU 

3%PCP» 

(CD . » <?*'*> -MIT r.ia 


1048-01 £04 Cry*ttW» HldBi ttopcUWUl 2003 £140 


1118-93 403 4 
pLa 20)0 £123 to 


CundeH Gra Now (IDfO 144 4 8 50 2 


cBsss.s’u'tfe, »». ’» 

INbuJ sd.44 URL30 0.02 0.427412 


r Samuel Go So 
phono Shanghai 
(NFS) JO- 44 CHI 


Midland 8k TtoPCLn 14 43 -S3 *00_ 1 

iSSSj. aon^flnMtoS** “S^s) ° , ' nw ^ 

^Syte ^'tw c Tia 3 g5LS lh.^r " " 


s&Ftsag-Sff& • l 3»v <«*- 

1995 £78 «W»» 

B^ham^U^O^ 1 990-93 £41 
MIL (lituSn 1MM1 £00% 
Sgjai 7toP<Ur,H-t' 2002-07 £81* to*. 

0^(^.1^^W*S) 4Jto 04/4). 
1W.PCDP 1HS4I £104% <29f4) 

Dew hum (10PI 3 9* AM *a 

Dickie 4JIM4S) (Droo ForomBW 44 *2 

DMm lOtoPCL* 1000-98 £90 (24/4) 


Standard Charterad 12toDCLa 20024)7 
£121% 2 to 


BREWERIES 


AHJod-Lyoaa SijoePf Itl) N. 7topcTT 
(£1) 64 9. StoPC DP 1044-80 £92. Do 
1947-92 £07 to. 7pcDb 1943-67 £84>i 
U714). 7toPCD9 1069-03 £01>v »1toPC 
tito 2009 £122%. Otontl.n £60. 7toPC 
U 1003-04 on 


EIS CP araLn 104B-91 470 (2714) 

'praM* X <Hld£a JOtoPCLP 1807- 


bb 2009 £122V Otoncl.n £60. 7toPC 
La 1403-94 (MM 

Ban 4pCPt (£1) IS £29/4). StoPCDB 
1947-92 £74%. 6 tope DP 1947-92 , £93% 

4 to. « tope La 1 *92-97 470. TtoPCLn 

1092-97 447 U 

Baa* invusta 7topcLn . 1892-07 £14 % 

•OddingtM Gp 4pc00 £33*. BtopcLn 
2 Q(hLo3 £141 4 

Buhner Niog* BtopePf (£1) 118.- mtoocPf 
l£l) 117% 8% 

Cameron (j. vfj oto*cP0 1944-03 444% 
(2414) 

CouraM Gp OaclldDb 1444-49 £91 


eSSSSc 1MJ4I UI) 440 


EUW1CV ■PETT 

IIW 


EShp? ^Sdi^riiiptpf <£D 88 


Gras nail Whitley A Op) 73 QBJ*to._8s6 

Ha ray* Haiwohi rt*.07 UNI ««/*>__ 
Intel Ofetiilera VlbtAers 4%JKOtl 2002-07 
461 «*i*» _ 


(29/4) 

EKMOTfifir: 

f£Sw rt lAxff «1) 74. Sjpcpf (*« 

BE 

SSfe o6» 


7PCDP iSm-94 400 (28/41 

iterate BpSl CM) !»• W 


R««aHa&.GI*iiKw* OtoOCUl 2005 5120 

(29rt) 

McMuoan Sena c%pcPr (CO 64* 


BcSSlf 8 fte^S^^iteWbtea^pcFf (£1) 
137 % 4 to, 8 PC lit DO 1044-60 £92 


(27/4). BtoKIttOO IHHWfR (20/6L 
7toPO«tOto 1440-94 CM C24/4) 

Seagrim Pwri l te ra lZtoPCBo 2012 £122to 

BM^AfriCM Bruwvtea *JJ»cPt (R2) 18 

TVamte rOtoeOb 1441-44 4100% (27«J 
V«uu Co dtopePr <£11 41. 4A7acOt> 

2018 £26 % %. lltohcOb 3810 £118 

i (Uii) 

nssa. - * 


cSwraV etoS?oy(^CMR»fam? atoocUi 

C Hldga 216 09/4). Iflpddi 

CteSSP^Di^lO.) 147 

«u. 

(^^PMteiSiririk PrddwCt* (169) 137 

f^kiSAssff “iV b sjs 

S^^idiSwiwwr rtoT^wto 

(3SFO. OtoMPf (CD 59 to. IApcL* 1901- 


VGJSHU& fiS&b 'S 3 S 

£92% £27“*). 7toKLP 10&09 £52 4to. 
7toPCLh 1096 -m 3T*B4 J2W4)a lOtoPC 
U 2000-04 £105 7 06/8} 

WMtteaNd ItldtHI . 

V/piMrMmac44 Dudley Biwwhrtas SPCPT 


CMT A Warn* 1*84 SO £421* 07/4) 


COMMERCIAL. INDUSTRIAL 


MaH A Ho* Mra* BtondHr 1084-80 CBS 
HM uglnarteB (Hte**/u5pcPf (£U 88 


AAH hMos Mbcw ago CRON 

Bvsaugv&iM. .■■: 

AHnm rtOp) in * to * . 
£%2t ta 8££ lopcLs -iM« ™% 


CM OC7f 
H a i w w C 


■fteo GW560 SJOfltfr OU « 

■SS’S^SSfi 1882-17 


8.7«ocPf (£1) 127* 
fOtoScQB 1002*07 non 


iffi UMteteV Go ItopcFf cm *1 

Heatvi UtiicLn OS ^ 


w«^ss msv ks 

i^raaga.ip.a 'g.. .. _ 

id ; * —8 tmMJ XadJi in£M £81 

129)41 

Min A Smith HSdS* 14pcDb 200042 £114 

■<27M» 


HurOwt FbM0C« 10PCL8 1*00 £ 

j^sgsraHjUh 

Wirt). #topdm 18M-08 4B*- -• 




LONDON STOCK EXCHANGE 


(Dm Ml DM 273 277 (2014) 

A Wyadbarn lBpcLn 1976-01 


M3t«h 

HdRtarprlm Gp OtoPOH ttl) 154 (2814) 
HnntlDB Anodatad lads OtoPCLn 2003-06 
£212 


OetMIs of hi-Tii.u doa* sh own balaw have baati taka* with eoaasat rraoi 
teat ThSZXmri wSatOKhaww Otedai lm and ahOMd bm m rapraduead wtraout 

<nrtn< nra!iB mate tb thosa aocartttes not ImJodM In IM FT Share Information 
Sery/caa. • . . . . v ... ^ . 


IM) StoPCta 2001-06 £60%. TtoPCLn 

1985-91 £«%). 7toPCLn 1954-03 £92% 

K iaiT 8p -.h 1985- 9 0 £95toO 

iwortn MortU (Sakai ru 7pcPf OOp) 
JJ (24/4) 

Imperial Cbamlral imiuatrics StopeLn 
1004-200* £6*% 70% Ito. 75|DCLn 

1955*01 £01% 2 to % w 3 to to. BtopcLn 
1948-03 07% to 8to to to 9%. lltoocLn 

Intnti ’ "bu» "mh 8 Corp (51-23) £94 % 


S*2 nSS**? fl «ton 1002 £187 (29/4) _ 
5utellire Speakman Wtx 40. OtoKPl (£1) 

So tar (Spi 275 (27.4) 

Swan (John) Sons 330 (28/4) 

Swedish Match A CMC50) (Itefl-Ran) £44% 
(28/4* 

SymoadJ EBB/naarino (Sp) 30'* 


Arfanac Aaaeti Trri SpePrf (£1) 43 
Aparaua itneat int «ra » VMmp 
naiui* &; (fora Japan Tree wta at 
Mime ijiooro uin Nippon wn « 
awPhhra invest Tret lOtopcab (2016) 
£103% 120/41 

Bm mmb list A SpcPrf £48 
dm Umpire see Uea fret lintpcOb C20I1) 
£104% 8% h 5% 

Derby rrst Wu 69 12A4) 

Drayton Conaia Tnt k.opcPrf £37%. 7%pc 
u iitui usa cram) 

Dundee LMb /(meet /rat SpcPrf £48 (28/4) 
tamourpn no Trn Wes ipi a a«j«j 


S b urin ai t was recorded In TPnradaVe Ogwial 
tea few nrarioea daye In B<ven Trite the 


T— U— V 


8188% 

IntTitl Late ery Go .TtopcMtfl) 133 (27/4) 


Alterant WiMe 7u*cDb iobs-oo £*4%« 
.Bpebp 1987-92 £92% (2814) 


8pcto 1987-92 £92% (2814) 

Alcan Alaminhnn £41 % 

AJmtpodery HWBS(lDn) 19 (24/4) 
iWI W ' Twetlle Companies. lOpcLn 1993 

Awtri BPCPf (£1) 110 (28/4) 
Wter^Dir Hldga lOtopcPT 1909-2002 

^iKjssr 54aJwa5 

Anglo Nortec Hides iopcLp 1969 £83 
(24/4). IDpeLn 1980-92 £93 (28/4) 
APMeCre* Hldue (ldo) 220 4 30 (28/4) 
Aouaacutuo* Gp 7%pcPf (£1) 70 (27/4) 
Argyll Gp WB 248 93 (29/4) 

Ariel teds 52 (2514) 

Amifew Shanks Gp lOpcLo 1959-04 CM 


In tot! paint BtopcLn 1990-05 £53% 

Joaimra. Princes Street. Hlnbergh lOpcLn 
(£1) 123% (2714) 

Johnson 6 FSrtS Brown ll.OSpcPf (£1) 
122 3 (29/4). lIPCUi 1993-95 £80 
(2714) 

j a srto ( * i> 5 “ w - 


Johnaton Grp lOpcPf (£1) 119 (25/4) 
JBH44, Stroud [Hidpsl lOncff (£1) 120 


TDK Corporation (VS63 421 to (28141 
n Group 7.7DCLB 1969-94 186% (27 r*j 
Tannae 7>ioc0b 1657-82 £01% (2S|4>. 

BtopcLn 1090-95 £S4%0 
Tate and Lvle BtoncPf C£1) M. 7%pcDb 
1050-04 £57%. 13ncLa 1004-90 £240 
Taylor Waotfrow 7toPCUi 1987-90 1*1 
(29/4 1 

TiUrvtston South lOpcLn 1997 £236(26/4) 
TeOra Hldga Wu 28 C24/4J. 9pePf(£ll 
107 (29 4) 

Tttso 4pci.il 2006 £51% 

Tar Hold/ngi (!£*» )I5 
momsoni OrsanMThsn 4.72PCPI 63 (28/ 4). 
5 A SpcPf (£1) 70 5 6. H.rpcPf 72 

n9/4>. 3PCD0 (T 964-94) £70. 7toPCLn 
1SS7-32 £50 

THORN EMI Wb 1980. Joe La 2004-09 
£55 (29/41. 7'jPCLn 1909-92 £90 05/4). 
7toMLn 2004-00 £82 (2014) 


Allnaet London Piwpsftlea stopclPEOb 

1956-M £33Uis 6% (29(d), StoPC lit DP 

i8* S pci*«i 

10J,#pe * 1BP0 mt 

Blttoa (PerCyl 310 

teadford fTopeny Trt 7peLn 1902-97 

Srimon Estate 9ticisiDb 19P2-97 £29 to. 
9J0sc1ttDb 2026 £98to (28(4). 11.75oc 
IJtDh 2016 1116 >20(41 ^ 

eapitei Countkti Otoptkn 1991-06 £101 


Hsrtlaooote Water 3 Joe CM (24/4) 

Lee Valley Water 2-Bpc (FmTy 4pcJ £37 


tamourpn rin Tm wa 10 % b«j.j 
eaineuron invest ttk s.fispcHd £50 
129/4). Tltopeob (2UI4) £120 to % 


Cnerfwcwd Alliance HM« StoocIstQP 
_ 1995-88 £92. 7%KLn (SOP) 35% 


otiuua UINWr iVHWI Itelf IAU 

JuUma'i Hldga 7%pcLn 2000-02 £58 9 


Tin I no (The mail 4. 5 SncPf (£11 62 (27/41. 
Ifssi'rt 5 ? BtopcLn 1059- 

TKaohur Jure Factory l£T) 120 
TOmWns tf H.l 9'pKLn 1994 £270 
Tootal Gp SpCPf i£l) 45to- 4toncDb £30 
(37(4). 6 tone Dp IMS-30 £02. 7toPCDP 
IMS-00 £89 7toDCLn IMS-94 £55 
Towles A fionl 125 30 (29(41 
Trafalgar House 7 pcDp «ii 65% (244). 
BpcUi 1094-09 £8* <28/4). OtoacLn 

2600-05 £97. ICi.KLn 2001-06 £09% 


Kent (G. BJ A Son* SncPf (62top) 32% 
(27/4) 


Ladbroke Grp 8pcLu 1990-92 £92 (24/4) 
Lalng (John) ANMV 473 4 4 
Laporte lads (HMteN 7%pcPf C£1) 65 
(29/4). «pcOb 1993-9P £56 (Z5/«). 


Enomn Scot mrascora Spcfn £46 (29*4). 
4pCB0 1052-59 ^94 % (20/4). bPCDo 
1942-89 £95) % >2p.a, 

Eng Nit lnv«H Co Ibo (29(4) 

FAC Eu rotru at StopcLn (19961 £213 C29l4) 
f« rtcifle Invest Tut wb ns 
first scot Amur Trvt j*ajcprf MBtoO 
Fleming Mercantile fnv isc 4tosc0b £35 
(29.4) 

Foreign Col Invert Tr« SpcPrf (£1) 45 

GT Berry Japan Fd 00.10) CS25.97 (34,’4i 
GT Japan (rwa« Tnt 3%pcLn 11987) Ctiso 
OtoPC 704 (29 ’4} 

Gartmore Euro lev Tret StopeDb 1991-96 
£97 9to (ZBf4) 


T995-H0 £92. 7%PCLn (SOP) 55% 
CrtvSite Estates lO.SDpciRDb 2017 
£i 0 ( ^>2 to (26(41. 7pcLn 2005-05 £115 

Counan (E. A led Inverts BpcLn 1991-06 

e 8SF!ff®a? *' tWStDb 19B6 - 

* nd .. ^JTVPSI 4-90CFI (50p) so 
J2 j/4). New ll^SpclrtCs 2015 £110 
Gt Portland Enates 9.5pclgL0fa 2016 £97 


German sect Inv Tnt Kl) 115 (28/4) 
GSrtUn Smaller Co t Inv Tnt Wta 09 
Globe Invest Tret lOpcDb (2016) £105% 
I29f4l. ITtoPCLn 1990-95 £SSO 124(4) 


(29:41- ITtoPCLn 1990-05 £350 124(4) 


Grccntriar Invert Co Wts 203 (27,4) 
Imrntpn Capital Trt; StopcPri £51% 


Graen Prop (lri)25> li*0.B7 (27/4) 
Hammerion Prop inv and Du Cora sas 
Horan Caro 7 pel ROD 19B5-90 £92 t28f41 
Konnlnp* Estares 5%pcPf (d) 45 (24(4) 
Land Securities fipciRDb 1958-93 £97i- 

7tope1tSHi 1901-06 £B5to 
te4>^ SKlttDb 1905-2001 E9B>-. 

2076, LHW.. Haw 10 pel it 

2B ?2?f t33»a % % % %. BtopcLn 1992- 


IZOti. S-5DC (Fmlv Soc) £486 

Mid Kern water i.Spc Corn Ord £46. 
3.5PC Max Qrd £47 (Z9i4). 3.5PCCpntPf 
£45 (37/4) 

Mid-Southern Water sJpcConsDrd £45 
(26/4). JliBCDe £27 30 (Z9/4J. 1QOC 
Db 1992-94 turn. 124(4) 

Newcastle Gateahaad Wiser 4Jpc (Fmly 
Aoc] £45 (28/4), 3. Sac (Fmly Sac) Pf 

!M (27.4). SpcDfa 1902-94 £91 (2W4) 

North Surrrr Water A.BocB £68 (2R4) 

Portsmouth Water Upc (fmly Sue) £41 
3 (29/41 

Rlcfcamjnwortn Water 3.5pc (Fmly 5flc) 
LM (20r4). 4.0pc (Fmly 7pO W 1987- 
1355 £94%; (34M) 

South Staltordshko 4.9oc (Fmly 7oc) B 
£68 (29/4). 4.9K (Fmly 7Pe> C £68 

(29141 

Sunaer/and and South SMekic 4.3 pc (Fmly 
6ue) Pf 195648 £91 (25/4). 7pcD0 
19B6-B8 £97% (2B/4). lOpcOb 1993.94 
£101 ’a (2414) 

Sutton District Water 7 k (fmly lope) 

£86 (29 4) 

Tondrinp Hundred 4-2pc (Fmly CpU Pf 
(£101 255 (28r4> 

Wert Kent 3-SK (Fmly 5oti £49 (29/4) 

York Watarworks d.BK (Fmly 7 oc Max) 
£66 (24f<l) 


Soetbern Newioapen <£i> 279 60 (28(4) 

TaOdSle Inv* MOP) 15 9 (2414) 

Town A Country BS (UfjipcBdb 27/3/87 
£99.680 

Tnwalte* (Daniel) (£l> 677 00 07/4) 

UTC Trading (Sp) 40 
Wactabix A iNon-Vta) 255 (24/4) 

Winch mora 75 124.4) 

Wlatech (5p1 62 4 5 
WotvertiampUn Raceceura* 220 5 


RULE 534 (4) (a) 

Bargains marked In securities 
where principal market Is out- 
side the UK and. Republic of 
Ireland. Quotation has not been 
granted in London and dealings 
are not recorded in the Official 
List 


A -Cap Development 4% (20i4) 
AbitiM-Price CS36toO U4|4) 
ACmtt HkWB 2650 
Acorn Snurldas SSO 2 S 6 7 B 
Albertson's Ire *51 to® to» 
Ahxuna Centdal Railway 925 (21 


Aloanu Conldal Railway 925 (2 
A loam* Steel Carp 775 (2414) 


UNLISTED SECURITIES MARKET 


97 £94i, i, 

Ml PC 4l:cePf (£1) 41. doelUDh 19£2- 
86 469 01 (2914). StopMwDb 1984?% 
£?S (£9.4). OtoPilitDb 1997-2002 

£'02%<20.4>. lOtoKlRDb 2024 £114% 


Law mP Coro 3.B5K Prf (£1) 52 07(4) 
UKte St Lawrence invert Uo) 103 Ssj4) 


»02 (SOp) 31%. 7%PCLU 1947-2002 
(son) 3B 

Anodatad Electrical Hide 6topcDto 1044- 
81 £92to 

AJMPCtetad Kturr 7%pcLn 1948-04 £87 


10l»PcDb 1994-99 £101% (29/4) 

Uwb (John) Partnership SpcPf (CD 47%*. 


Trans part Development Go 6toKLn 1989- 
-94 £B2to (24 1*/. StopcLn 1993-95 £84 


7%OCPf (£» 88 (24/4) 

Lewis's lev Ttt 6%PcOt> 1985-90 £90 

Lex Service BtopePf (£1) 60 (Z9I4). 

8%pCLb 199247 £90% (24(4) 

U I toenail Co (The) SpcPf (*i) 48 (28(4) 
■jockheed Corao, She, of Cora si) M7%» 
London A provincial Footer Grp StopcCi 
1986-81 £90 

London Intel Grp lOtopcLn 1990-95 £101 
(28/4) 

Lanrho 7 %pcttt06j 1986-91 £93to (24/4) 


(Z7/4). StoKLn 1995-2000 £95 

Trinity Intntl Hides (SOpi 650 705 10 
TMMOi 5'iDcPt i£1i 47 


Lndn Trrt 4ptttd (£11 55 (29'4) 
Merchant! Trrt 4 tot..- Prf ten 45 (2»'4) 
Monks invert Trrt llpcSb (2012) 
_ £1 12 to SO 


l£11 41. doelttDb 1962- 
29(4). SimriwDb lOBt-a* 


Bkomcchanks Intni (lop) 19 20 
Barland Intni IDS Reg) 129', (2Sio 


Album Exnlns 61 2 AS1.S 1.6 (2514) 
Amber Gold AS0461 127/4) 

American Btrrtck Resource! Nor £19 

Ames Omitmtnl Storae £12.0 (2814) 


5co o 8 *^?, 000 " 05 £fl2, 133S - 


7.25k lit Db 1986-91 £87 (2BU). 

IO^dc Db 1991-96 £TO3% (29/4). 9.1K 
Ld 1995-2300 £90 (29/4) 

Turner and Newali Bsc Db _ 1957-92 
£9^1 tolS. 10-lpc Db 1990-93 £100% 

T^i^Mywood (HldpS) 5%K Pf (£1) 101 
(29/«) 


Murray Inc Trrt GxU 1953-89 C9S%« 

%• 

Murray Intni Tret 3-SWcPif (£11 E3« 

Naw Darien Oil Tnt Wt3 4% (28'4> 

New Throgmorton Tnt (1983) 12.6PCOO 
(2008* £120 (24/4* 

New Tokyo In wot Trt Wb to sub 71 3 


BOC Gp 4-35pePf Otl) 63 (29/4). X5pc 
2»dPt (£1) 49. IZtoPCLa 2012-17 
£123% to to % 


Low A Bonar 5topc3nlPf (£l) Si 2 <2B|4> 
Lucas litda 7topcLa 1983-88 £96 8 24/4). 


1 BtopcLn 1992-97 £105% (2414) 
Lyon a Lyon 140 6 


MjK. Electric Grp 7%PCLa 1005-91 £93% 

M*?. HMg* DM (1 Op) 42 3 

McCarthy & stone 7pcLn 1994-04 £105 

Magnet Southerns SJLJpcPf (£1) 77 

hSlltt Op) 182 2 7 7 
Mandere (Hldpt) SpcPf (£1) 42% (28/4) 
Marks & Spmrar VpcM (£ 1> 67 
Massey- Ferguoa Hldgs 7%pcDp 1987-92 
£89 (24/4) _ 


Uni gate 5 tope Db 1083-88 £94. 7toK 
Db 1986-91 £92 (29/41. Spc Ln 1991- 
1996 £68. Glysc La 1991-96 £78 9% 
BO % 1 %. 6%odLn 1992-97 USto 
UnlMvwr 5‘jPC Ln 1991-2006 £63 (29/4). 
7topcLn 1991-2006 £BBto 7 *- 8 to % 9 


Unh airor ape Pf Sab-shs cert NAT (FI 12) 
Union' Intni 6K Pf (£1) 55 7% 09141. 


7 pc pf t£l) 64« 

Union Steel Cora (of Sooth Africa) (RD.50) 

12 (28/4) 

United Biscuits (HUB) Wmts to sub 

(1989) 139 41 1. Bk Db 1993-9B 


Plantation Tst 7%nd-n 2000 £97 09141 

Rnaburn Invert TSt SdcPI £44 7 

Rights and Issues inv Tat 66. 7toi>cPf (£1» 

R/«r Plate Geo ley Tat wa to eub 170 
(29/4) 

St Andrew Trt StoecPf £50 (24 14) 

Scottish eastern Inv Tst 4%pcPf £43 
Scottish Invest Trt 4.55 k A Pf £58 (29/4) 
Scottish National Ttt 6pcPf C£1> 60 (29/4) 
Securities Trust of Scotland 4 %pcP( £40 3 
<29(al 

Snlrcs Invostmcnt WB U sub 56 
TA Australia invest Ttt Wb to sub 165 
7 7 8 127/4) 

TR City ct London Trt Pf <£1> 19D (29/4). 
6pci»Pf £60 (24/4). BpcNoc-cwn 2nd 


QncLb 1983-90 £95% (29/4) 

Blue Orel* luds StopeZndDb 1984-3009 
£84% (28/4). 7ncDb 1944-03 £47% 
(29/4). 9 k D b 1902-07 £87to 0 (291*1. 
lOtopcDb 1*94-99 £102% (29)4). StoPC 
Ln (1975 or aft) £50 60 (Z7/4) 


Mend as (John) SMPf (£1) 110 (2714) 
Metal BOX War to &b 68% 9 (27/4). 4;9K 
Pf (£1} 84%. 2-BpC2l*dPt (£1) 37* 


£90% (39/41 

United Gas India 7 pc Db 1993-97 £80 
United Glass Hldjti 7%K 1st Db 1057-90 


Ff (£1) 57 (2814) 

TR Padtc Basin inv Ttt Wb to sub 660 
TR TKhnolcov Invert Ttt SpcPf (£U 47% 


£92 (2714) 

Upton (EJ M 7 8 

Vantooa Vlveila 4 J5pc Pf Kf) SB C29/4). 
5. SpcPf i£f ) 72 (2A/4). 6-25oCUt 1091- 
1906 £79 to i% (27/4). 8.1 PC Ln 1097- 

wSotrii S PM 5PC U ^liwcnn] £481, 0814). 


lOtopcLn 1092-97 £103to 
Micro BuUiieae Arstna 6ocLn 1997 £70 
9 83 5% % 07/4) 

Minty 925 *0 50 50 

Mitchell Cons 3-3pc2ndPf t£1) 44 


129 '4> 

TR Trustees Carp 10%pcDb 2016 £104% 
120*4) 

ThroBmartoa Ttt 12to'ocCb 2010 £124%« 
Tribune Invert Trt 9%KDb 2012 £32*t 

Vantero Sc<urt,l “ (1 °f> ’**- Wb to art* 

WIten Invest IpcDta 1996-90 £88% %. 
StopeDb 2016 £89% 


McKay Sacs Cao (20 b) 125 

*EtS*tZ4?4y* CcrC ®topef«U» 7953-55 

Peel Hlog*. gtiKlttOb 201 7 £99 to 

FjbKrty Security Inv Ttt OpcPf (LI) 94 

Rrab^Proo HW31 S1<oe1 -' 1 19» £86 

Reliable Proas 600 

Rnwheupfl CrawoM Estates llKlstDb 
2014 £114% (28/41 

Rush and Tompkins Go 7.5pcPf (£li m 4 
Estates 7%KfrtDb 1 90S- 90 £95% 

Than/* Co 270 

Tops Estates New lOtopClStDb 2011-16 
£101% to (20.-4). New 7%pcLn 2014 
£65 70 

Town and City Prose 6aci*tDb 1“ae-93 
£7B^ra8’4). BpcLn 1907-99 £80*; 1 

Town Contra Secs 10%PCi»Qb 2021 £27 1- 
*" % to (29/4). 9ocLn 1996-2COO £148% 
(29/4) ) 

Traflord Park Estates SKlstDfa 1991-96 
£05 (27r4i. 1 1 topcl stDb 2007-10 £HO 

UK Prop 5%KLn 2000-05 £78 (28141 

wnteraladc Intnti Hldai (So) 1BO-D. New 
(5p) 178 

Wales City Of London Props 181 3 4 4 

Wrtjb^ UOicph) 8pcDb 1985-90 £88 


Cambridge Isurooe Laboratories New 
<<0.ClJ 93 5 6 7 8 TOG 2 
Caiman Street Inv 7.7KCnvPf 1894-08 

Cattle Communications (Sp) 212 (244). 

N4rw (SO) 20 B 
Cobra Emerald Mines 679 
Continental Microwave (Hides) G.OpcCnv 


Amoal Eioln t930 (2914) 

Amsieraam- Rotterdam Bank £22.450 
Aust Foundation Inv 128 <2B/4) 

A list Oil A Gas 105 (27/4) 

Aust Pad he Resources 270 (20/4) 

Bamboo Gold Mines 10 (27/4) 

8eri kintal Tin Dredging 650 
Sever hr Enterprises BBT*. (2a/4) 

Black Hid Minerals 19 tZSidl 
Bounty ln«S AB3.4R 3^7 336 
Brown- Forman Inc Class B £25aO (28/4) 
Uukll SemtMwa-g 70 (27 4) 

CSF iThomson-CSF) FFr 1710 (2BI4) 
Central Miwieman Gold 1620 150 4134 

3<: I2B/4) 

Central Victorian Gold Mines 15 (2W4) 
Cere bos Pad he 32-762 (27/d) 

City Development .55 2.65 (2BI«> 

Coney Aust 5 to (79/4) 

Coppery Is /bit tne Com 3160 (24/4 > 
Development Bank or Singapore SSI 3-3 

Dim S1?3 A*1 BBS 1.956 (2414) ^ ^ 

Du Pont r £-1.3 De Nemours Sill to* to® 
too ( 39*41 

Dvna'rcn Corn £19 (29/4) 

East Coast Minerals 12® (27/4) 

EustCOUri 249 i27fJ) _ 

Frau Hill Cold Mines 120 (28141 
Eaultv silver Mines 612'- (29l4) 

Grarhsrt Inds 175 (24/4) 

C-eo metais AS0.792O (2714) 

Golconda Minerals Bio (2R/4) 

Col be It Mines esato (27/4) 

Grants PaKh Mining 42 124*4) _ 


PLANTATIONS 


Mora* u HldBS BtopcLn 2000 £73 (27/4) 
Mora O'Ferrall 10BG2ndPf (£1) 110 (24/4) 


Soc Pf iNon^uoi) (£1) 46% (20/4). Spc 
rTax fra to 30a) Pf (£1) 66 (£8/4) 


Mamin Crucible 9 tope Do 
. £101. War to sub 80% 


Victoria Canwt Hides 137 40 
Volvo 41 8 (SKr 25* (non restricted) 
£31-68 552% 52% 53% 53 to SKr 330.65 
337 b 


UNIT TRUSTS 


NCR Cornu (S3) J66to (27/4) 

NCR a%MLn 1083-96 £80 
Nril Or Spencer Hldga 8%pcDb 1990-95 
£80% 

New* Intel 7pclstf*f >£1) 64% (27/4) 


W— Y— Z 


Next 7pcAPf (£1) 64% (27/4) 

No bo Grp (!E)tf> 173 
Normans Grp BtopcLn 1990-04 £HZ 
Nonk Data BNonV (NK20) NK232to® 
North Br/tfsfi Steel Grp CHUsm 48 50 3 


WB Indus (TOP) 26% 

WCRS Group SSpc Pf 1990 Cl Do) 147 
(29/4) 

WSL Hides (5o) 208 99 10 2*668 
8 9 20 

Waodlngton (John) 1 0topc Db 1990-95 


M G American Soutifer Co's Food 570® 
9.1®. Act Units 57 60.1 
M G Gold General Fund Ik 70.6. Ace 

M 6 (nfernst/orial Ice Fund (K 64.7 8.3 
M G Japan Smaller Companies Fund Inc 
86%. Ace 86.6 (28/4) 


Anglo- Indonesia n Corp FI to Rote La 1985- 
88 £75 85 (29*41 

CMIIinpton Corn Dfd 7 5 (2W4). 9toDcPf 
(£1) 100. OecLn 1909 £100® 

Inch Kenneth Ksjang Rubber ClOp) £3 % 


Cramphom (5 Gp1 530 (2014) _ 

Elect rot House 6JpcCnvPf (£1) 110 

F«pabroofc Gra IZpcCnvLn 1992-97 £100 
5 (20/4) 

FHoMn Now (So) 167 72 
Forward Grp ’Sp) 131 2 
Gibbs Mew 229 

GoodbeM Print TpeCiwPT (£1) 143 (£414) 
Gould (Laurence) 170 
HNdtnw Brewery A 465 
Honeysuckle Grp (2*0 113 7 8. Now (Zp) 
122 U9i4) 

Hornby Grp (5o) 106 
Johnson Fry (loot 225 
March Gro New (Sp) 12S 
New England Props lOpcCnvLn I960 C200 
07141 

o renid Technology 119 
Pirkfieid Gro 7occiwPf (£1) 26S 
Pavon Intni 5-25pcPf (£D 61 (24*4) 
Pericles (Jonni Meau tTDa) 3B 
Pier Petroleum New B (5 p) £0.340 
Prijra Leisure (lOo) 137 
RKC Gra New (lOo) 7S 8 
Reliance Security Grp New (5p) 168 
(20/41 

Scanro HldBS 7.75pcCnvPf (£1) If 5 CK4) 

S*gmex Intel dOn] 62 

Tecnnaioov for Business 7pcCnvPf (£1) 132 

UCl'gtp New (5p> 148 90 2 3 S 7 8 
Wwralt Garden Centro* ISOrt 195 


Grants Patch Mining 42 i28 4) 

Crop Pe Bnnelies Lambert BFr 784® 5® 


802® as® 127/4) 

Hand Lung Development OStoO HKS12.2 
(2914/ 

Haom* North West on 


Hill on Gold Mines 730 
HK-TV0 HKS12 541 /29W 


I2A'4) 

Narooroogh Plantations MOM 320 3® 
Padang Sena no Hides (10 p) 60 (2IL41 
Ruo Estates Hides 620 C4 a4> 

Sennah Rubber (£1) £25 (28/4) 


HINES-MISCELLANEOUS 


RAILWAYS 


Asareo Eld's® 


£1U0 (2814) 

Walker and Staff Hldga (So* 190 
Walker Green bank 6%pc Pf 133 0414) 


Northern Eng Inds SocPt c£1) 40 (2814). 
5 J75PCW (£1) 70 (28/0. 7pcLr 20 DO- 
OS, £7 D (24/4). BtopcpdJl 1988-93 
£93%® 


8Ja pcpcLg 1980-03 


Walker (Tbomas) (5p) 42 
Warner-Lambert rail £42to® 

Waterford Glass Group (lrCQ-05) (Inc 


OMham Batteries 7%PcDb 1985-90 £88 
<24(4) 

Oliver (George) (Footwear) 440 04/4) 
PLM AB 8 II tires (SKZ5) SK241.B2 
(20/4) 

Parker Knoll 847 

Parkland T entile (Hides) 143 (2414) 
Pearson lOtoKlttDb 1997-2002 £i08to 
(29/4). 3%aCLn 1988-93 £65 (27/4). 
fitoPCLa 1908-93 <70 (27/41. BpcLn 
1908-93 £88 (24/4). lOtoPCLn 2001- 
03 £104 (29/4). lOtopcLn 1993-98 
£104. lOfeKPttyCenLn 1993-08 £315 
(22814) 

Panto* UOp) 105 200. 4%KPf (£1) 57 
(29/4). 13 %kLj> 1990 £145 (23/4) 

Peugeot Talbot Motor StopeDb 1984-80 
£91% CZBJ4) 

Pblcom SpcPf t£1) 120 
Plcssav 7topcOb 1992-97 £80 
Porta® Him StopcLn 1984-2000 £200 
(28/4) __ 

Porter Chadbora BpcPf 1083 (£1) 105 
07/4) 

Portsmouth 4. Sunderland Newspapers Bgc 
py*n 7f% (28/4). lOJlpcZntlPf l£1) 

Powell_D»irryo BtopcDb 1984-80 £94<*M 
5 ’m (24/41 

pros* Tools nop) 115 08/4) 


Waterford Wedgwood) lr£1.12 p 100 % 
2 3 % 4 to 5. 1 1 tope La 1976-95 £83 


Waveriev Cameron 175® 5® 

Weir Grotto tape Db 1988-94 £82 (24 14) 
Wellman TOpc Irrd Pf (£1) 210 


Wellman iOpc Irrd Pf (£1) 210 
Western Motor Hldga (not ranks far cap) 
2S0 

Westland Group Wrote to sub 48 9 50. 
7tooc Pf (El) 126 8. 7 tone Db 1987-92 


Consolidated Gold Fields CtoocLn 1987-92 
£83. BtoacLrr 1980-93 £90 2 
De Boers CoosoUdated Mines (R0.05) (Br) 
12.7p 705 

El Qro Mining Exploration (lOp) 290 
(29/4) 

Rio Tlnto-zinc SI BA 18%. Acc 980. 
3.323K A Pf (£1) 44 OUT/4). UK B 
Pf rci) (Brf 400. StopcLn 1983-90 £92 
09141 


Antafaaatta (Chilli and BM Rail 4pcDb 
£50 (24/4) 

C5X Coro rSIl £1Bto 129/4) 

Canadian Pacific £10.45 
Fishguard and Ro«siare Rlys and Hbra 
5%KPf £31 4 (29/4) 

Ontario and Quebac Riy SPcDb £70 (27.4) 


SPECIAL LIST 
RULE 535 (3) 

Dealings for approved companies 
engaged solely in mineral 
exploration 

Andaman Resources IIOdI 78 
Ken mare OH Eirpln .| rCD.255 2Bto 
North Wert Evoln (ZOa) BO 2 3 5 7 B 
(By permission of The stock 
Exchange) 


SHIPPING 


MINES— SOUTH AFRICAN 


Peninsular and Oriental Steam Nsv Wts 
to purchase Dfd 187 95 (2414) 
S'hsmptOTi. IOW ana SOE RM 5taam PM 
(SO pi 450 

Turnbull Scott Hldos Non-V A (£1) 412 
128/4) 


RULE 535 (2) 

Applications granted for specific 
bar gains in securities not listed 
on any exchange 

Airship Inds .02 too) « 9. to- - 


All England Lawn Tennis Grnd £500Db 
1986-90 £25.000 26.000 


£91® 

Whltecroft 4.1oc Pf f£l* 51 to 


Whitworth and Mitchell Textorial 7 tow Ln 
1994-99 £75 (2414) 

Wilson Bowden non) 143 4 5 6 

YRM New Ihfl OOP) (Fp/LA — 22/5) 135 

York Trailer Hfdgs IOpc Pf (£1) 140 


Coranattoa Syndicate (R0.251 80 (29(4) 
Em Daggafonteln Minos Opt to sub 240 

New Central Wltwaterarand Areas (R0.50) 
£12% 08/4) 

Western Deep Level* Oct to sub £27% 
(29/4). 12pcOb 1986-93 (R1) 21 (2914) 


UTILITIES 


Yorkshire Chemicals 12 tone Ln 1987-92 
£2970 

Yuuoh^l Caroea (HUort 7%PC Pf (lr£l) 


iumh. Intel 50 

■ritith Petroleum 9pC2ndPf (£1) 87 
Burmab Oil 7%pcPf (£1) 68. SpePf (£1) 

Cslor (SOP) 405 S 7 10 


Barton Transport Dfd (1609) 600 
Bristol Channel Ship Repairer* (lo*>) 16% 
to to 7% to % ) 

Manchester Ship Canal 5acPf (£11 280 90 
(24/41. StopCIttOh £36 129/4) 

Mersey Docks and Harbour 39 to 40. 
3'ePcDb 1979.89 £82® 20. fitoPCDb 
1994-97 £70. BtoocDb 1996-99 £66%®. 
StopeDb £10 (28/4) 


Angno-Am Agric 70 
Appleton HOP) 17 (27/4) 

Barbican (Ip; 4% to SL. % 

Bearerbrooir Inv s f So) 19S /28i4) 

Berwick Salmon Fisheries (5 p) 40 3 5 % 
Button House (50) 492 5 6 >2414) 
Burrough (James) 35 J 7% (2B'«) 

Channel Hotels A Props tlOo) 160 
Crasta 'IDpj 81 

Dart Valiev Light Rlwy (CD IBO 
David A Charles Publishers (Ip) 20 (27/4) 


Dawson (Wm) UOp) 567 70 (29/4) 
Explaura (Sp) 4Q s 


Greens tar Hotels (lOn) 31 
Guernsey Gas L/g/rt (CM 400 


Suldenouse Warrants 31/12/89 18 


Contibel Hld« OM 293 3 5 5 7 7 300 
Dome Petra (cum SCI A) pE2 (2714) 


WATERWORKS 


Harvard Secs (2o) 43 5 (24/4) 

Hugin (10p) 145 C24.'4) 

Hydro Hotel i Eastbourne) (£1) 312 7 
(29(4) 

Jennings Bras 185 90 

Jersey Canning 4peP» (£1) 36 

Jersey Gas Spell (£1) 45. SpeAPf (ED 

Jersey New Waterworks 2ocPt asm 90. 
SpcPf (£5) 135. 3WpePI (£5) 160. Stone 


FINANCIAL TRUSTS 


Q— R— S 

Queens Moat Houses lOtopdStDb 2020 
£102**. 12pc1sxDb 2013 £121%®. 

10'spcLn 1889-91 £429 (24 1*1 
RCO Hldoa OOP) 88 
R.(A. HldB> BpcPf (£1) 00 (28/4). 12pe 


American Caress (50.60) £5648745® 

^“pMfp) G 7K , '^?*?*“ TrU * P * 
Armour Trust lotopc Ln 1991-98 £98% 
(27/4) 

Asset Trust Writte to sab 66 (27/4) 


ELF UK IZtoPCLa 1991 £108% 9 (27(4) 
Gratt Western Resource! 148 SO. Ptg pf 
rao.QD lisa. Ear 8 Pto Pf (50.01) 115® 


00.01) usa. Ear 8 Ptg Pf (50.01) 115® 
Mobil 02) £27% 

Shall Transport Trading 11.73 11.87. 

5%bClKPf (£1* 51% 4 5 
Texaco inonl Financial 4topc Ln 1981^9 


Bristol Waterwks 4.9 k £68 (2BM) 
Chester Waterwks S.lSocPf £39% (28/4) 
Colne Valley 4oeOb tsaiuns 
East Anglian Water Z-BocPf £36 (27M). 


L4U AII«I in Wflicr A.OPLPT UD UF.N/. 

7topct» 1991-92 £89 f2fl.4» 

Cast Surrey Water 7ocA CBS (24J41. OM 


Autboritv. invests 8 pc Ln 2006.1 1 £239 
Belli!* Gifford Tech Wrote to sub 25 


£67 C27(4) 

Totsi-Compagnle Francaise Dos Patroles B 
(FFr50) FFr 4962)35 07(4) 


(2814) 

■rigrmta Arrow Hldga Wrote to sub 79 
Butinas Mortgages Trust 8.6pc Pf (SI) 


PROPERTY 


Awed London Pro u ei this lOKPf (£1) 
1200. 0‘rxLa 1999 £240® 1® 


8 4.9k £87 (£4/41. 7pcDb 1990-92 
£85 (27141, 

Cart Wore* Waterwks 3 Joe £48 (29(4). 

12*ipcDa 1994-96 £117 (24(4) 
EaMbourne Waterworks lOtoocDh T99S-9T 
£103 (24/4) 

Essro water 3.SK £47®. S.SbCPf £41 
(27 4). 1 1 to pc Do 2002-04 £1 1 3% (29(4) 
Folkestone District Water 4.9ocPf 16B6-BB 
C98US 04/4 1 


Hunter Resources 78 128/41 
1 mill'd ala Geld AS 0-30 (AS0.20) 35® 9® 
40® 35 129/4) 

Japan RMiO VB60 __ 

jardlno Muhnon Finance Wirrants 20® 

JpnH ^Minins (ASO^tO) 31® AS0.747 
(24/4) 

Kalgoorlle RWrca AS0.33 (27/4) 
kevtrpne Intel E191-® 17714) 

Kredllk>ssen NKr 230.956 I29v4) 

Kullm Malivtls 3H /29/4I 
Uttle River Gold Miras 100® 

Matsushita Electric Industrial Y1465 70 
no * 5B5 BO 1600 '28/4) 

Mid- East Minerals 47 SO 
Mltsubli»'| Heavy Inds Y660 672 (27.’4) 
Mount Carrington Ml-M 325 
Meunt Martin Gold Mines 54 (29/4) 
National Electronics rears) 70 6 _ 
Nntlnnalc.NenBrlnndm (Ff 2.5) FI 71 -2® 
FI 70.7 71.3 »28<4) 

N— w Zeeland Gold field* AE4.1BB 

Niagara Share Corp 517 05® C2B'4) 

Oil Search 4Bl^ 90 48 9 50 AS1.19 

<tiim*t , Rc4twrces ASUlZS 34 3 (2714) 
Overseas Chinese Banking Corp 55 92 
■29.4) 

Pan Australian Mining 1 BS 
Pargesa Hldos SA S r r 2.100 f29>4) 

Pioneer Electronic Corp Y17.9 7.12 
Planter Sugar Mills 102 
Planet Resources Grp A to _ 

Plenty River MI"I"Q 15® >2714) 

Poseidon 22B® 559 6® 25 

Range Resources ASO.SSS 

Regal Hotels (Hldos* 1 7ft HKS2.47 (24/4) 

Rarer Gra £47% 12714) 

Rrv-t Gold Minina Cora 309® CS7A1® 

Echeripa-Piapah Corp 5921® to® (2814) 
5ensorm>t(c Electronics Si 2M) (29/4) 
Ceralce Cora Int £««U> (24/4) 

Sociere Natlanale Elf Aquitelna FFr 342 
6 i2B.'4> 

Sonora Gold Cora 570 


Source Perrier S25to 
Southland Coro 3470 (27-4) 

Seuar* Gold * Mineral* 25® (24/4) 
ttlrllrm P«roleum Ito® (2714) 


Strategic Minerals Coro AS1.R31 (27/4) 
Sumitomo Metal Industrie* Y*510 (27(4) 


SpcPf (£5) 135. ai-uePI (£5) 160. Stone 
Pf (£5) 170. SKPf (£5) 225. 5pc3rdP1 
l £5) 225 _ _ 


Sumitomo Metal Industrie* Y*510 
ffun Hunp Kal 104® 5® (28(4) 
Tandem Resources too _ __ 


Kunlck Lemur* (10P) 31 3 
Le Riches Stores r£D 410 (29(4) 
Manchester Utd FC (£1) 3B0 (29(4) 
Merrett (lOo) *10 3 (29(4) 

Norton vllllers Triumph «1p> 5% 6 (2*141 


Target Petroleum fASD.iS) 15 

Terre* Resources 8 A asd. 197 OJt (27(4) 


Norton Vllllers Triumph <1p> 5% f 
Rangers FC f£*l £121 04/4) 
Seymours 4ncPtP| iSD 52 (29/4) 


Vultton (Louis) £111.42 FFr 1092 07/4 ) 


5 hen herd Neeme A (£1) 665 


Weatiort Petroleum CSn. 
WhTtehali C-ra E13S3® 
zanet asoas 


Ln 2000 £95 105 (27/4) 

RJR Nabisco NPV 353.065 0*1*1 
RPH 3 'iDcDb -1983-88 £93to (24/4). M 
Db 1992-96 HSIA *HMU 2004-09 
£48. ffpcLo 1999-2004 £89-90% 3% 


CnmpagnTe Bamalnt SA (FPr 100) asn 

MSHBr : n9# “ 6 * iM ® 


RacallOiitbb BtoPCLn 1987-92 CBIto r27/4> 
Rank Organisation BtopcPr (£1) 58 JJ.* 


Opcg PdPT (Cl) 77®. StopcLn 1090-95 
£72. BpcLn 1BBB-93 £90. IDtoPCLn 
1997-2002 £100 Ito % 3 
Ranks Horia McDoooall BocAPf (CD 56. 
8KBPf (£1) 58 7%. 6%PcLn 1985-88 
£90 4% 5. BtoocLn 1983-88 £98% 
1»I4). ItoPOa 1999-94 £91®. BtopcLn 
1991-95 £95 % 

Readfcutt intntl BtopcLn J 088-93 £49®_^ 
Rack/tt Colnun SpcPf (£1) 48. StopeDb 
19B5-9Q £91 (29(4) 

Rod! earn National Glass 7ooPf (£1) 559 
Reed (Austin) Gp 370 (2U4) 


tteitor^Mall and Gen Trust SOp) £29 30 

Exploration 00) 1 55 04(4) 

-F and- C faMmriu. Trust Sar ft Wrote to 
Wb 7®. Wrote to sub 13%0 

l l5 n DjS 3 > T¥ 3 <10W Rt0 

nj« National Nuance Corp IOpc Ln 1992 


FTAtotl/ARtE^S INDICES 


«««■ ^ «« Ln i9»2 These Indices are the joint compilation of the Financial Tunes, The Institute of Actuaries and the Faculty of Actuaries 


Goode Currant 3.5K Pf (SOp) 23 07(4 ) 
.M***2° Global Strategy Fund Pf 


jbjw gar* s®) sfcfc m 

STi^ssai "*** ,ntn ' ,hw "■ 

181 Global Fund* pi (30.01) (Sterllno ahs) 


Read Intntl 5%oePf 001) 50%. _ TpcDb 
1987-92 £89 a 7/4). 7 %kD6 1987-92 

£89% (28/4). 7toPCLn H» (27/4). 7%K 


181 Gj^i FUitta Pf (30.01) (Sterling ahs) 
R1*.» (28/4) 

IffCtaSM SVPC Pf 1990-92 (£11 £3 7 


EQUITY GROUPS 
& SUB-SECTIONS 


Friday May 1 1987 


£89% (28/4). 7%PCUI IM 0.7(41. 7%K 
Ln 1996-2001 £80%. lOpcLn 2004-09 
£98 to TOO Z 
Rented BpcPf BCD 55 (28/4) 

Robinson (Thomas) Go 7pcPf (£1) £10% 

_(2*.m _ _ „ 


Ln l9a7-90 £94%. 12%PC Ln 1995-98 


.ell’s (27/4) 

Intel, .City HUBS 8%pc pf (£1) 112 9 


RKkware Gp 7.7fcPf fltl) 342 0*1*1. 
BncLn 1995-99 £84 (29/4) 


Ropncr lltoneVf (£1) 143 (29/4) _ 

Riwnira* Mockfiwosh SpcPf USD *7.01*8. 
7KFf ttl) 84 7 <28(4)7 7%pcPf (£1) 72*a 
<29/4J 


Rugby Portland Content BpcLn 1993-90 
£73. 7toncLn 1093-98 £80 09(4) 
Russen CAtaxandcrt 5-75pcPf 95® 

S A U Stsns Wts 25 
Sains bury (JJ 71«rcOb 1987-02 £81 

(27/4). F BpcLn £79 C2 71*41 


Sanderson 
Sever Hot 
scamronie 


I. BpcLn £79 B7T4) 
son Murray Eldar (HJd«Q (SOp) 150 
Hptt: B tope Db 1 5® 1 -90 £88 428/4) 
mle Hfdgs 3.75KPI (£1) IBS 


^Europe Fond Sbs ((DR to Br) 50.10 
L g-4f«ti GiD 101-PC La <1993) £92 
Mewine St Inert New 120 3. Wta 32 

Mercury AttCt Mama dp) 320 2 55 
Mercery Money MW Trrt Prf (Tp) £25% 

Trot (LI1C Fd) 
141-3<lB (24J4). Shs (Japan Fd) 156.7 
SfTtt S'.'Jf? M> 0341 (2S/4). Shs 
(Padfle M 1263 

Mercury StlKted Trrt Shs (Global Fd) 
*50-450. SM (UK Ftl* UM (24/41 


Flgra in pzretifcoei rtw i 
of stocks per sectiuB 


Est Grass Ea. 

Eaniinv Dh. P/E adadL 


ThUri 

Wed 

Tnes 

Year 

V 

V 

V 

ago 

(apprad 

Index 

Index 

laden 

Index 

NO. 

No. 

NO. 

NO. 


Highs and Lows Index 


Since . 
ConftKation 

High { Low 


NMC Invest .Wte 155 (29/*) 


Scam GO BpcLn 1986-05 £84% 

Scbartno AOlDMSO. 100. 1000). 5342® 
Scott'* Restaurant (12%p) 890 07141 


Rena ton nee HI Dos New IDO (27/4) 
Rothschild (J* Hldos Wts 82 


5eCDOd Mkt invrtt 2%KLn >1094) £0.1 


*Pf <£D 66. 7topdLR 1892-97 
taeorlng Hldga BpcPf (£1> 52 


Suon, Rortmck (50.75) S62*r (29(4) 
Securicpr Go 8%pcPf Kl) £20® 


9to (28,4) 

Smith Now Court Wte 42 7. 

tZODTt £104. 12814) 

Strata Invert Wts 70 (27/4) 


Stdtmw Go TtuKLa 2003-OB £69 •«*/«.. 
Simon knuinaarins 7.75PCP1 1992-97 (£1) 


ffliFS&s& mi 41®. 8%PcLn 
1 0B 7-02 £90% (28/4) _ 

Startcbley S JtccPf l£1) 135 „ M 

Smith Nephew Associated cos 5%ocPf GDI) 


Wt* 335 40 3 

Trrtjscofitinesitel Service > Gro Vm 90 
(27/4) 

Valve income Trrt Wte 23®. BtoPcPrf 


v«u Dlmtirt Land A 118 (28 '4* 

Welsh fpds Inv Trrt (So) 170 S 82 (29/4) 
Vuta Catto Co iltoocPrf 1998-2003 <£1» 
135 OM 1 


Smith (W.H.1 Son (KUW 8 OOp) .70 

(29)4). BpcDb 1987-02 £95 (271*1. 5%K 

Smftta^* I MoStriae 1 1 toPCDB 1998-2000 


INSURANCE 


tnwM^Urtlnn) Go OpcPf Orfil) 11039 
071*1 .. . _ 


Sommerri/le (WIlHam) Son 4B5 
Soomi Htdga 7 kPI «i> 123 
Sou mo Caron (SD £93%. 


sm Furalura HM91 UpcPf <£D 131 
Stewrirtf iPdostrlta TtoPCLn 19BB-91 £90 
IttwU Zlguvaia QOd) 4^5 &AW 
Itrof H^f^pctu 1900-95 £89 

Stoddard fttidax) <10(0 87 


Alexander Alexander Sarr Shs OD £14 

CZBd4l 

Geo Ace fire LH» Aasc Corp TtopeLu 
19B7-M. £89. 7toPCLn 1992-97 £87 
90 to 09.41 

Guardian Royal Exchange Anct 7acW 
l£T> 75 04/41. 7PCL0 1886-91 £87 Bto 

PcoH Gro StoocPrf (XI) 86% 


iBdastrius TtoPCLn 1BBD-91 £90 


INVESTMENT TRUSTS 

Alliance Trrt AtoPCFrf £40% 00,41. 5pe 
Prf £41 % (29'4i 

Amor Tret Sbcprf £48% . (2914) 


Ansta-Amer Sec* Cora 4 %PC r^J***??**' 
Anglo Scot Invert Trrt BtoocDb 1994-99 


BANK RETURN 


BANKING DEPARTMENT 


April 29, 1‘ 


UABJUTTEB 
Capital 

PablkDapnfa 


£ 

MW» 

27,744479 

1^83.015.287 

1A4X270.702 


1 CAPITAL 6000S (209)- 

2 BuiMing Materials (27) 

3 Coatnctia^CotstniciinOB). 

4 Ekwricals02) 

5 Etecttonks (36) 

6 ItaMalEnghceftagOn— 

8 Metals asd Meal FantingCT)- 

9 Motor* 05) 

10 OtolntairiaJMattrfafcQl). 
a C0RS8MER GKOUP (187) . 
22 Brawn and Dtsdllm (22)- 

25 Fool MaoBfeCturiiig (26). 

26 Food Retailing (16) 

27 HsAliBdltanWIPntaaiP-. 

29 Leisure (32) 

31 Padafli/rg & Paper (15) ... 

32 PubttsMiag & Priming (14). 

34 Stones (36) 

35 Textiles (16) 

40 OTHER GROUPS (87) 

41 Agencies Q7) 

42 Chemicals (ZD 

43 Conglomerates 01) 

45 Shipping and Transport 01). 

47 Telephone Networks (2)_ 

48 Wpcettanetm; (25) 

49 IKDUSTWAL £WBP (40 ~ 

51 no*CKfl7) 

59 500 SHARE IHBEXC5M)- 

61 FmitciALsmupQia)- 

62 Banks (8) 

65 Insurance (Life) (9)_ 

66 Insurance (Coiqiofite) (7). 

67 Iraorteice (Brokers) (9)_ 

68 Heretant Batts 01) 

69 Propertj (47) 

7D Otter Financial (27) — — 
71 Inrest/Twot Trusts 194) — 

81 Mining Finance (2) 

91 Overseas Traders Ol) — 
99 AIJL«HiUanilBC(725). 


+0.7 748 
+0.9 723 
+OB 736 
+13 631 
-0.7 734 
+13 838 
+02 737 
+L6 8.90 
+L6 &06 
+06 627 
+L0 7/65 
I +06 731 
+06 632 
+03 433 
+02 531 
+1.7 622 
+13 5.78 
+01 630 
+13 737 
+13 739 
+05 4.97 
+12 735 
+02 6.96 
+13 723 
+03 830 
+23 924 
+03 732 

+2-0| — 
+1.7 1049 
+0.9 — 
-02 — 
+03 922 
+12 — 
+13 433 
+03 730 
+04 — 
-07 639 
+03 937 
+0.9 — 


334 16.92 

334 17.40 

335 1836 
368 2129 
229 16.78 
338 1539 
329 1533 

336 12.93 

329 1930 
267 2050 
333 1635 
328 1638 
251 22.79 
133 2668 
324 2275 
263 20.95 
338 2219 
259 2L5B 
294 1537 
327 35.79 

274 26.98 
333 1533 
327 16.92 
335 17.45 
331 16.03 
326 1227 

433 — 

439 736 
422 — 
462 — 
456 1439 

330 — 

275 2927 
326 17-93 
242 — 

337 1839 
469 1274 

331 — 


732 866.74 
656 188045 
1130143419 
3162 2118.73 
1U7 192832 
OS 48966 
356 47151 
296 33166 
1530147831 
4.73 119132 
439110455 
732 89539 
1856 219031 
295 222729 
9.98 129914 
334 61733 
16.79 363036 
139 UB8J9 
- 059 704.76 
737 1009.96 
836 140478 
17J6 1245J2 
436129277 
2334 203730 
109 109139 

16.92 1314/01 
~636 0670.75 
3656ha«7d 
_9,M) U4Q31 

927 7WJ9 

14.92 75059 
1968 966.93 

539 53030 
1932 115239 
291 36431 
430 192669 
334 46274 
529 95939 
139 48236 
lfl-SS 94723 


E6280 85261 
1070.92 1106939 1 
141734 6«15JCh 


61431 61137 
J5982S S53734 
102934 1033.98 
707.73 704.92 
100638 99438 


250/87 

1/5/87 

110/87 

27/3/87 

13/11/84 

1/5/87 

270/87 

2/3/87 

1/5/87 

240/87 

1/5/87 

240/87 

240/87 

25(2/87 

1/5/87 

1/5/87 

18/2/87 

100/87 

Z7/3/B7 

1/5/87 

270/87 

25/2/87 

130/87 

US/37 

1/5/87 

27/307 

1/5/87 

1/5/87 

1/5/87 

1/5/87 

18/2(87 

240/87 

20/87 

12/2 IBS 

16/1/87 

1/5/87 

27/3/B7 

270/87 ' 

27/4 187 

1/5/87 

1/5/87 ‘ 


13/12/74 

22/12/74 

2/12/74 

25/6/62 

8/10/85 

5/1/75 

6/1/75 

6/1/75 

15/1/81 

13/12/74 

13/12/74 

11/12/74 

11/1274 

28/5(80 

9/1/75 

6/1/75 

6/1/75 

6/1/75 

33/12/74 

6/1/75 

2/1/87 

1/12/74 

2/1/87 

29/6/62 

3001/84 

6/7/75 

13/12/74 

295/62 

13/12/74 

13/2274 

12/12/74 

2/1/75 

13/12/74 

16/12/74 

7/1/75 

20/4/65 

17/12/74 

1302/74 

30/9/74 

6/1/75 

13/12/74 


2JU6J3B3&* 


+ 532.08 

+ 146393695 

- 177,785/452 

- 30359319 


Index Day's Day's Day's April April April April April 

Mo. Change High Low 30 29 28 27 24 

ISmClKBEXt-i 20685 1 +U3I2874JB861.7B6506 12(886 1 20226 1 19866 1 200L 


V_ 

19866 1 a»16 116525 f 20686 


120685 15/87 i 966.9 


PlartMS E99M & attar ! 


49051X942 

602300647 

3322375358 

10,161362 

2233S9 


+ 65519,999 

- 22537X681 

+ 22438X373 

+ 4503544 

+ 6341 


FIXED INTEREST 


AVERAGE GROSS 
REBCUPTHN YIEUS 


23263P.IM 


- 30359319 


M/C t 
INDICES 


fif r Qq^ j Thn id ail. 

Uq ctenge April Mar 

1 % 30 


ISSUE DEPARTMENT 

UABILTDES 

Hotas In CkcutatkiB — . .. 

HteMlitortteGPBp^nBrt - .. .. 


1237933M38 


02390300000 


- 2843036*4 

+ 4306** 

- 280500600 


ii me non 
7336£l3^S 
53G.969665 
1 2 ,8 90 ,00 0, 000 


- 1.92435W57 
+ 16**358357 


- 290600000 


MONTHLY AVERAGES OF STOCK INDICES 


nawdarnwa _ 

GflWiffiWofQfBMIg 

Rxadl iamn , , ■ 


GoM Minas 

5EAQ Bargaka (5n.mJ ■ 
F.T Anuariu 
Industrial Groat ____ 
SOOnat^n, 

Fteandal bora — — 

Aft-Staea 

FTjeina 


April 

9064 

■ ■ - -s 

"■W 

90JS 

96.95 

9106 

U5*.7 

159 63 

4472 

362.7 

4M76 

. 5iflK 

103092 

305664 

wul 

111767 

684.91 


96&JB5 

197Z0 

ZULOO 

2067 


X 5 ym^ffMINR BBBBB P 

124.97 

+023 

2 5-15 years 

14531 

+017 

3 Over 15 years — 

15536 

-0J02 

4 Irredeemables™. 

168-82 

+0.70 

5 All stocks™™™. 

14137 

+016 

Index-Linked 

12047 

+032 

7 Over 5 years 

U&GZ 

+031 

8 AH stocks 

11076 

+022 

9 BdkfltamALaaH- 

12063 

+023 

10 Prtftnncg- 

87.40 

-023 


Brtttt O n raBHDt 

1 Low 5 ye 

2 Coupons 15 y« 

3 25 ye 

4 Medium 5 ye 

5 Coupons 15 ye 

6 25 ye 

7 Hlgtl 5 ye 

6 Coupons 15 ye 

9 25 ye. 

10 Irredeemables 

Index-Linked 
1 11 Inflat'd rale 5% 


15 years. 


5 years........ 


25 years 

5 years 

15 years...... 

25 years 


> 13) Inflat'd rate 10% 


15 OehsA 

16 Loan 

_17 

lSlpttftrti 


15 years- 
25 years.., 



Fri 

Thnrs 

Yttr 


1987 



Y 

Tf 

ago 

(aspmxJ 

Highs 

Lows 


811 

885 

789 

9.78 

2/1 

7.97 

20/3 


8.74 

8.73 

880 

mint 

2/1 

834 

20/3 

. 

8.75 

8.74 

881 

1088 

2/1 

B34 

20/3 


8.75 

8.79 

889 

1080 

2/1 

842 

20/3 


B.93 

8.93 

889 

1039 

2/1 

883 

20/3 


8.94 

8.94 

889 

1018 

2/1 

884 

20/3 

, 

8.90 

8.94 

981 

1084 

2/1 

8.78 

20/3 


9M 

987 

981 

1037 

2/1 

8.97 

23/3 


8.90 

8.92 

981 

1084 

2/1 

882 

20/3 

■t 

U) 

888 

837 

1086 

2/1 

■ 8.71 

20/3 


2.71 

2.78 

335 

3.95 

2/1 

239 

24a 


156 

337 

337 

387 

2/1 

330 

6/4 


218 

214 

284 

257 

16/4 

085 

24/3 


3.45 

3w45 

382 

3-71 

2/1 

337 

27/3 

■ 

984 

1082 

983 

10.06 

9.98 

9.91 

11.46 

1130 

2/1 

2/1 

930 

9.79 

23/3 

23/3 

A 

1085 

10(41 

1089 

1038 

983 

1184 

1130 

1183 

2/1 

2/1 

984 

1038 

23/3 

30/4 


4 Opening Index 2064.4; IQ ant 2062.9; U am 20646; Noon 2)696; 1 pm 20724; 2 pm 2073.4; 3 pm 20665; 3 JO pm 2068J; 4 pm 2069.4. 


Eipittir seeflofi or group Base date Base value 


Agencies-- 


AH-S»ar* _ 

FT-SE100 


Aprfl Loot 

uouaefi) 


31/12/86 1114JJ7 

31/12/86 1U4JJ7 

Telephone Networks — 30A1/B4 517.92 

Electronics 3002© 264665 

Other Industrial Materials 31/12/80 287-41 

Heatth/HousahoM Products 30/12/77 26L77 

Otter Groups-..- 31/12/74 63.75 


Equity section or group 

Overseas Traden 

Mechanical Engineering 

Industrial Group™.—™™.. 

Otter Financial.- 

Food Manufacturing... - 

Food Retailing- 

Insurance Brokers - 


Base date 

31/12/74 

31/12/71 

31/12/70 

31/12/70 

29/12/67 

29/12/67 

29/12/67 


Base value 
10060 
15364 
12820 
128.06 
11413 
11413 
9667 


Equity section or group 
Mining Finance..™™..™™. 

All Otter 

Britisn Government— 

Do. Item-linked 

Dete. & I ohir: , 

Preference. 

FT-SE 100 Index 


Rara/tti p 

29/12/67 

10/04/62 

31/12/75 

30W82 

33/12/77 

31/12/77 

30/12/83 


Base value 
100.00 
100.00 
100.00 
loom 
100.00 
76.72 
10000Q 


OfcOJSQ4tt> 


t FlatyWd. A list of constitunb is available From the Publishers, the Financial Times, Bracken House, Cannon Street, London, EC4, price I5p, by post 32p. 

CONSTITUENT CHANGES: Imperial Coteoemal Gas (51) and Supotteg Store (3> ) toe been deleted. Odor Group (51) and Persimmon (3) fare been inserted 


vm 



1 




JfJ 


16 


WORLD MARKETS 


FT-ACTUARIES WORLD INDICES 


SINGAPORE 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 12001 
Ltd., in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


NATIONAL AND 
REGIONAL MARKETS 

Figures in parentheses 
show number of Stocks 
per grouping 

Australia (94),.. 

Austria (16) 

Belgium (47) 

Canada (131) _ 

Denmark (39) 

France 1 122) 

West Germany (90).. 

Hong Kong <AS> 

Ireland < 14) 

Italy (76). 


THURSDAY APRIL 30 1987 


DOLLAR INDEX 


Japan (458) 

Malaysia (361.. — 

Meslco (14)._ 

Nether land 138)— 
New Zealand (27).. 

Norway (24) 

Singapore (27) 

South Africa (61)-- 

Spain (43) 

Sweden (33). 


Switzerland (31) 

United Kingdom (340). 
USA (397) 


Europe (933) 

Pacific Basin 1687) 

Euro- Pacific (1620) ... 

North America (728) 

World Ex. US (1826).... 
World Ejt.UK (2083). 


World Ex. So. Af. (2362;.. 
World Ex. Japan (1965J- 


The World Index (2423). 


us 

Day's 

Pound 

Local 

Gross 



Dollar 

Change 

Sterling 

Currency 

Dlv. 

1987 

1987 

Index 


Index 

Index 

Yield 

High 

Low 

12732 

-L0 

113.68 

12030 

2-93 

134.48 

99.92 

9L77 


81.94 

8535 

2.17 

10162 

9130 

121.00 

+06 

108-04 

11L75 

424 


9639 

12532 

+0.9 

11234 

12L81 

235 



11430 

+05 

10223 

10535 

290 

12410 

98.18 

119.87 

-03 


11252 

141 

12 LOB 

9839 

93.40 

-03 

8339 

8730 

234 

10033 

8400 

10139 

+25 

■ 9052 

10157 

323 

114.71 

96.89 

121.92 

+L7 

10856 

115.65 

358 

13144 

9950 

110.98 

+03 

99.09 

10667 

154 

11121 

94.76 

151.70 

+15 

135.45 

13452 

■IT^h 

157.78 

10000 

151.61 

-13 

13536 

14451 

264 

15525 

9824 

175.88 

+4.0 


22807 

0.94 

17558 

99.72 

11338 

-02 

101.14 

10453 

423 

11B24 

99.65 

99.92 

-13 

84.75 

6652 

3.13 

10059 

83.93 

13939 

+02 

119.99 



139.79 


12530 

+03 

11255 

122.72 

L92 

12709 

9929 

17925 

+3.7 

15558 

11905 

323 

186.74 

IOOOO 

113 31 

-0.1 


10651 

357 

12131 

E®1 

12238 

+02 

109.44 

11352 

203 

12351 

90.85 

9729 

+05 

8652 

8904 

193 

104.06 

9326 

13538 

+05 

12132 

12132 

3.41 

13558 

9955 

11831 

+13 

10554 

11831 

305 

124.06 

|K22j 

117.73 

+02 

105.12 

107.94 

289 

117.78 

99.78 

148.97 

+15 

133.01 

13312 

054 

154.75 

IOOOO 

13631 

+1.1 

12158 

12308 

142 

140.00 


118.71 

+L2 

105.99 

11852 

3.01 

12450 

jfiVyl 

13636 

+1.1 

121.93 

126.49 

147 

13957 

iVq l m 

128.80 

+12 


121.49 

159 

13127 


12914 

+12 

11530 

12145 

202 

130.72 

100.00 

118.84 

+0.9 


11450 

2.97 

121.08 

100.00 

129.43 

+13 

11556 

121.46 

204 

13101 

10000 


Year 

ago 

(approx) 
94£8 
8833 
80.62 
9927 
10435 
90.49 
9241 
74.47 
9245 
8981 
7271 
6266 
5132 
8628 
7038 
9583 
5621 
93.75 
85.40 
87.93 
8431 
100.92 
J38.74 

93.78 

73.46 

81.47 
98.77 
8220 
8733 
88.63 
9630 


1100 


1000 


8837 



Base values: Sec 32, 2986 - 100 

Copyright. Tlw Financial Ttmes, GoWman, Sachs 6 Co, Wood Mackenzie & Co. Ltd. 1907 
Latest prices unavailable for this edition. 




OHSEX! 







Vol. 

Last 

VoL 

Last 

Vol. 

USI 

GOLD C 

S390 

24 

TO 









M'L'V.W 

GOLD C 

MOO 

61 

578 

9 

648 

20 

74 

lJHUJUw# 

GOLD C 

3420 

15 

37 

— 

— 




GOLD C 

$440 

81 

21 

92 

38 



— 



S440 

32S 

4.90 

198 

30 

7 

38B 


GOLD C 

5480 

51 

450 

83 

20B 

23 

29 


GOLD C 

$500 


— 

6 

1450 

33 

236 


GOLD C 

5520 

— 

— 

12 

9.90 


— 


GOLD P 

$420 

229 

1 

U 

9A 


13 


GOLD P 

$440 

37 

5 

108 

1450A 



■SB 


TOTAL VOLUME IN CONTRACTS: Z7.187 

A=Ask B=>BM 


C-Cafl 


P-Put 


TRADING VOLUME IN MAJOR STOCKS 

The following Is based on trading volume lor Alpha securities dealt through the SEAQ system 
yesterday until 5 pm. 

Volume Closing Day's 



Vol lime 

Closing 

Day's 

Slock 

000's 

price 

change 

6SDA-MFI 

5,700 

160 

+ZU 

ARled Lyons 

599 

409 

+3 

Ainsirad 

2500 

202 

-1 

Assoc. BriL Foods .. 

972 

355 

-3 

Argyll Group .. — — 

782 

424 

— 

BAT— 

3, BOO 

521 

+19 

BET 

2300 

247 

+1 

BOC — 

2.200 

463 

+21 

BPB mi»s 

130 

726 

+B 

BPCC — 

1500 

317 

+1 

BTR 

ZbOO 

329 

♦7 


855 

523 

+5 

Bass.„^__— — 

UOO 

947 

+7 


5,700 

544 

+25 

Blue Circle™ — 

519 

854 

+6 

Bools. 

I’M 

297 

■— 

Brit. Airways 

8,600 

158 

+5 

BriL Aero 

1.200 

662 

+ 10 

BriL 4 Comm 

144 

447 

-1 


Stock 


Jaguar. 


000's 
3,700 

Latibroke 5,400 

Land Securities — 2700 

Legal & Gen. 1200 

Lloyds Bank 2200 

Lonrho 366 

ME PC 600 

Marks iSpncr 5,200 

Midland Bank 1,400 

Nat West Bark L200 

Next 1,000 

Pearson 1300 

P40 1,400 

Pllklngton Bros — 476 

Plessey — . 7,700 

Prudential — 842 

Racal 4,500 


BriL Gas 

Britoll. 

BP. 


.... 26,000 
2500 
12000 


991* +14 


BriL Telecom 10,000 

Buiul 2000 

Burton 4,900 

Cable & Wire 3200 

Cadbury Schwps — 5,200 


Coats Vlyella — - 
Comm. Union. 
Cons. Gold «— 

Cookson 

CourUuliK — 
Dee Corpfl. 


7B7 

478 
1000 
1,9a) 

Dixons Grp 2000 

English China Clays. 333 

Fhons — 1,100 

Gen. Accident 561 

Gen. Elect 9,500 

Glaxo. 465 

GIdW Investment— 1,300 

Granada 2700 

Grand Met 2800 

GUS "A" — 141 

Guardian R.E. . 

GXN — 


243 

323 

290 

235 

317 

354 

257 

598 

319 

963 

652 

441 

722 

387 

423 

bS2 

934 


-3 

+7 

+3 

+7 

-2 

-2 

+4 

+10 

+10 

+3 

+2 

+3 

+5 

-1 



RTZ., 


RowMree Mac 1,800 

Ryl Bank Scotland- 489 
Royal Insurance — 871 

STC 7300 

Saatchi & Saatchi _ 1,500 

Satmfaury bib 

Sears. 


IW3 +<2 
£14 A - 




— Tesco. 


Sedgwick — — 

Shell Trans - — 

Smith & Nephew 

Standard Chart 

Storehouse 

Sun A (dance 

TSB 

Tarmac — 


533 
262 
031* +,v 


+2 

+1 


Thom EMI 567 

Trafalgar House 3,700 

Thcnne Forte 2300 

Unigale ...... — - 1,500 

Unilever . 245 

United Biscuits — 2000 

WefJcome . 


Whitbread ‘’A" . 
Woe (worth 


price 

change 

574 

+18 

439 

+1 

440 

+S 

281 

+2 

548 

+20 

26 61* 

+'t 

427 

+4 

23Z 

— 

676 

+16 

611 

+9 

354 

+B 

611 

-13 

627 

+7 

843 

+B 

2241* 

-11*1 

875 

+7 

229 

— 

716 

-8 

306 

_ 

£104 

+£ 

472 

+11 

442 

+12 

669 

+10 

857 

+6 

968 

-7 

510 

+9 

334 

+5 

874 

-11 

287 

-8 

637 

-11 

511 

+2 

1431* 

-b 

312 

+4 

021* 

+>• 

163*2 

+5 

837 

+5 

297 

-2 

845 

-7 

84 

+ *2 

519 

+1 

497 


685 

-5 

349 

— 

249 

+3 

379 

-5 

£27 

+4 

288 

+2 

437 

-12 

347 

+2 

832 

+11 


LEADERS AND LAGGARDS 

Percentage changes since December 31 1986 based on 
Thursday April 30 1987 


Gold Mines Index. 
Mining Flu 


Hcxtth and House bald Products 

Packaging and Paper - 

Metals and Metal Forming — .... 

Leisure — 

Texts ei . 


Shipping and Transport. 

Telephone Networks 

Property .... 

Oils and Sax 


AgescU 



5 00 Share index 
1 ratal rial Group 
'Capital Goods. 


+50.00 

-MNU3 

+35.04 

+33.79 

+3246 

+3L71 

+3QJB 

+29.71 

42781 

■*7322 

+26A3 

+2UW 

+25.70 

+2S32 

+ZL29 

+24.99 

+24.94 

+34.60 

+24.44 

+24.40 


Mechanical En gin eeri ng . 

Stores 

Che 


Other Groups — 
All-Share Index. 
Motors. 


Food MMMtatwiag- 
Overseas Traders. 


Co ntraettog. Construction. 
Electricals. 


Brewers and DtstHlers. 
Food Ratal 


losoranse (Composite)- 

CanqJoineratex . 
Financial Group- 


tasomtee (Life) — 
Investment Trusts. 

B* 


Merchant Banin. 


+2433 
+2431 
+23.47 
+23411. 
+2231 
+21.75 
+21.99 
+214)9 
+20.94 
+1935 
+17.78 
+16-44 
+1635 
+16.04 
+14jU 
+1L24 
+1038 
+ 8 39 
+ 537 
+ 236 


RISES AND FALLS ON THE WEEK 



On Thursday 


On the week 


Rises 

Falls 

Same 

Rises 

Falls 

Same 

British Funds 

81 

20 

12 

331 

174 

60 

Corporations. Dom. and Foreign Bonds 

34 

3 

30 

104 

56 

175 

{flOuarials 

588 

310 

651 

2,931 

1.732 

3.077 

Financial and Props. - 

236 

89 

265 

U»9 

638 


Oth 

41 

27 

43 

178 

133 

244 

Plantations — 

1 

1 

12 

6 

12 

52 

Mines _ 

33 

S7 

93 

271 

290 

354 

Others 

115 

38 

76 

386 

3W 

348 

Totals, 

L129 

545 

1.182 

5,256 

3,434 

5,57? 





Je 

87 

Sep 87 

1HI 



SILVER C 

5750 




10 

J6DB 

10 



SILVER C 

S800 



_ 

IS 

145 

16 



SILVER C 

$850 

9 

706 

26 

125 

24 

150 


SILVER C 

$900 

8 

45 

23 

100 

S 

120 


SILVER C 

$1000 

— 

— 

11 

bO 

— 

— 


SILVER P 

5750 

32 

SO 

— 

— 

— 

— 




Mar 87 

Jrai 87 

Jul 87 


S/Fl C 

FI -200 

83 


15 


■■■■ 




FI .205 

10 

Ha 

18 





OSuMB 


FI .210 



icfl 

n 





1 

FIJ95 

52 

WVM 






VF1 P 

FL200 

95 

i* T te 

B7 

EES 




S/FI P 

FI .205 

15 

■il 

13 

■n 

9 


aEK 


Se 

87 

De 

87 

Mar 88 




FI .195 
FL200 


■a 

920A 



a 

10 

:CE3 vm 



13 

6A 

87 

7 

15 

820 

** 


FL205 

FTJ>10 



4 

2-30 

29 

16 

510 

310 

37 

30 

bJOA 

470 

«* 


FL215 

FL220 


22 

150 



4 

350 


VFI C 




KB! 


LBfl 

mm 



VFI C 
SFI P 

Ft 235 
FIJ9S 


» 

360 


0.70 

— 

r 

+br 


FI 205 


10 

860 

m=M 

— 

— 

— 




My 87 

Oc 

87 

‘la 

088 


} \ i r— 1 

— 


129 

1060 

18 

1750 



FI 50150 

ABN P 
AEGON C 




37 

210 

Y, 

4350 

420 

— 


FI.90 60 

AEGON P 

Fi.90 


430B 

1 

fa-70 

— 


M 

AHOLD C 

Ftaio 

96 

4 

— 

— 

_ 


F1107.90 

AHOLD P 

M il m 

m 

1 

130B 

— 

OT_ 

_ 



AKZO C 

FU40 


530 

S3 

520 

12 

HrX T T^| 

FI 2850 

AKZO P 

FU3( 



60 

6.90 

15 

850 


AMEV C 

FI 65 

$ 


1-70 

56 

320 



FL612D 

AMEV p 

Fl.M 



Z70 




12 


AMRO C 

FI.* 



0.70 

3 

1.70B 



FL7b60 

AMROP 

FI.90 


1360 

38 

14 

— 


** 

ELSEVIER C 

F1.48 


460 

— 

— 

_ 


FLSIM 

ELSEVIER P 

FI 52 

5 

230 

20 

350 

— 



GIST-BROC C 

FIA5 

1^1 

2 

U 

330 

— 


Fl.44,70 

CST-BROC P 
HEINEKEN C 

FI 45 



3 

4 

4 

100 

460 


FU7I 


1 

1250 

20 

1450 



FU79 

HEINEKEN P 

FU70 

1 

B 

5 




HOOGOVENS C 

FIJ5 


S 



— 


FL3920 

HOOGOVENS P 

FI35 


150 

16 

2.40 

— 



KLM C 

n.45 

■rr 

1.40 

211 

220 

10 

310B 

FJ.41.70 

KLM P 

FI .40 

M \T- 

130 

18, 

3 




NED. LLOYD C 

FI 150 

B r*r 

2-50 

4 

5 

10 

8 

HJ42J50 

NED. LLOYD P 

FU50 


1560 

132 

19 

fa 

2350 

*■ 

NAT. NED. C 

n6( 

f. 

BTt 

0.90 

64 

2 

IS 

320 

FI .70 

NAT. NED. P 

a7o 

■ t j 

320 

97 

4.70 

2 

5-50 

W 

PHILIPS C 

FL5( 

I 

MVr 

1-70 

562 

350 

43 

4.70 

R.4750 

PHILIPS P 

FI.55 

O 

mr\ 

7.70 

30 

760 

1004 

760 


ROYAL DUTCH C F1240 

Bjjr 

7 

u±tm 

930 

11 

1250 

R24250 

ROYAL OUTCII P FI-24C 

1 

Bft 

9 

1 

13.70 

— 

— 


UNILEVER C 



•^.1 

IS 

28 

27 

1 

3350 

FL5BZ50 

UNILEVER P 


1 

WlL 

1150B 

4 

1650 






% 


% 

m Bask 

10 

• OwItThoM Barit- 

91* 

Adnx&Coapajir 

*2 

OUbankflA 

9*2 

AIM Arab Eh LE) 

9*2 

Chaste Sadags 

nws 

ATM Mar & Co 

91* 

City Hwtuas Bank 

9*2 

AIM Ire* Bari 

*7 

OidtsdakBari 

9*2 

Aratnan Esp. Bl 

Vi 

Coora.BLN.Eaa 

9*2 

Aura Bari 


Caqsofii)atrtCrfd_ 

9*2 

HtrayAidacter 

10 

6 CMperatnrBari-— 

9*2 

AN2 Banking Group 

*2 

Cjpras Popular Bk 

9*2 

Aaoriatts Cap Corp 

u 

rs^r-a 1 TOTH 

9*2 

AsUxrtfiCoLul 

10 

E.T.Tnot 

11 

Basra deBfflao 

91* 

EqiQtOrl Tst Cppfc 

10 

BaAHapoafini 

91* 

Ewtrr Trust LBL 

10 

BariLftrtdJIO 

oi* 

Financial t tot Sec — 

9*; 

Bank CrwSt & Coon 

10 

FrS NaL Fut Cop 

Iff* 

BarioKjms 

91* 

Fnt ltd. So. Ltd 

10** 

BariDflrrtasd- 

9*2 

■ RdenFleiiag&C* 

9*2 

Bank of Info 

9>? 

Bfllert Fraser & Ptn 

10*2 

Bate at Scodawd 

91* 

GfljtfipSrt 1 

1*2 

BaraaBdgrUn 

Wl 

• GrimessHrian 

9*2 

SaroUrsBari 

91* 

HFCTnnt&Sanwp 

9*2 

BendunarkTstUd— 

91* 

■ Hanbro Baric 

9*2 

Beoefidal Trust La 

11 

Heritter&EmTsL— 

9** 

BerfioerEraiKAG 

9*2 

• IHISmei 

PJ>2 

SmBkoflEdEast — 

9*2 

C. Hovel Co 

9*2 

BrawSkipIrj 

9*2 

Hongkong & SbAngb' 

9*2 

Bastes If rtg>Ta_ 

10 


9*2 

CLBaokNcderiarai 

9t* 

Hast WestpK Ud 

9*2 

CaadaPemaneat 

9*z 

NegliajSSiHUI 

9*2 

CavzerLtd 

9*2 

MdMBtec 

9*z 


• UorgHGnsM 9 *2 

K*CMKC0rp.Ut— 10 

HdBLolKoMil 91* 

ttttaal Girobank 10 

HKWtsniQter Vi 

H ratten Bari Ud 9>* 

t Rmridi Gtn. TraK — 9** 

PKFnB.lidKUIO^. 10 
PmrinddTfKUd — 11 

(LWnelESae 9** 

Raxbirghe G'raniee 10*2 

Royal Bk of Scodm Vi 

Royal TntaBaak 9* 

Sratt&WOmnSea. 9>2 

awfartCtotard 91* 

Trustee Steep Bri 9** 

UDT Mortgage Exp *111 

IMtedBkafKmait 9* 

(feted Mizrte Back Vi 

UutyTntaPLC Vi 

WtsipK rdriq Cop 91* 

WhiteawRj LaldLo, 10 

yarksKitBteu— _ 91* 

• Members of the Accepting 
Haases CoramMee. * 7-day 
deposits 465%. Savexilse 764% 
Too Tier— £2300+ at 3 months' 
notice 938%. At call when 
£10.000+ remains deposited. 
fCnd deposits 0,000 and over 
5L% grass. 1 Mortgage base rate. 
4 Demand deposit 
Mortgage 1135%. 


465%. 


125 reasons for contacting 



APOowJonos • Arepon Hermdonai - Aten Owwopmara Bonk ■ Auatrafle I Now Zetland Banking 
Qroup ■ AUophun Etelartand • Bach* Soourtdea (UK) Inc. * Bank Of America ■ Bank of America 
International • BinkofCwnon • Bam of England * BemollnHend • Banket Montreal • BmkalNova 
ScoHe • Bank el NT Buaerilald Barmude ■ Bark al Scotland ■ Berk of Tokyo imamadonal ■ Banter* 
Trust Company • Baiwue NaUonaie da Parte ■ Banqur Pertbaa Capoal Mwtets • Berdan 
PLC > Barclays do Zoom Wood • Bferorum 6 Co. ■ Bugan Bank ■ Busmen WeN g e nc a 
Sen*cm • Conaotei Hnpertoi Bra* of Commerce a cepsl Court Corpora i ai • crass Manhattan Bank 
NA • Chancel Bank a OBC Ud. • CUPenk NA ■ CWcwp bnmtnwx Bank Lia • GmmnMi* 
AG • Coopers 6 Lvtxand • Courts 4 Co. - Cram Lyonnais a CSFB SacurMex a cmh Bursae Ftatt 
Boston • CuneusSyssemUt * OKBMranMtoflal ■ DaWsEuropsVawrsakniV a OeteoaHattMaA 
Setts • DevdopmaH Bank ol Singapore a DwnMon SamnUaB PHfleu • Down* Assodaiax 
Ltd. • EBC -Amro Bank • EmatC WMmwy • Em-dear a E*co imamadonal a Fhat NaUanal Bank of 
Chicago a Fuji rmamatkirwl Finance Ltd. • FuBon Piabon Capital M teuta • Ghana Co mmerci al 
Bor* e Gakknar Sacha & Co. • QrMays Bank Pfc • Gtimass Mahon t Co. L4. a GJ Bank 
KSC S Gref Managenwnl Services • Hamnroe Bank a Hsnom Educadon %kbim a EF Hutton 6 Co. 
(London] a Gnecftwene HanoWstwr* a Hang Kong 6 Shanghai Banking Group • KMwnt Benson 
Ltd. ■ Kiwrau Real Eamra Bank KSC a Lasaaaoank Gkozeraraie ■ Lantttwank RnaHard-Ptab won 
Saar • Lizard Brwnera a Co. • Unuuara s PaMea * Uoym Bank fV a uorW Bank 
kxamaOonai * Mamitacttrars Hanover Trust Co. ■ RPMarikiPic • McLeod Young We* a Ma i on flank 
NA e Merrill Lynch Europe • MtXand Bam Pic « Morgen Guaranty Trust Ca • Morgan GtanM 4 
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(Europe) • Nmdaeutaena Lendesbank • NorttMun Trust Company • Opn ma nagamata Rhowm 
L td. e Orion Hoyal Bank • Pout Mennck CornbwnaU • Peat Marwick Mkchw • PK Dartowi a Pooock 
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C o rpor a tion a Tolerate he. • Toronto- Dominion Bank • TJteU 6 Tokyo Fbar Btta n i rtpna l • Union 
Sank of Swffiariend a Warm (UK) LM- a wattpoc Bentdng Cotporaim 

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Financial Times Saturday May 2 1987 


FT UNIT TRUST INFORMATION SERVICE 


AUTHORISED 
UNIT TRUSTS 


Bridge Food Mauagcra UXc) 

Ed, Cqpamtf S.wwg , tonrtan ?PA. W-58a*0(»+ 


Abbey Unrt T*L l£gn. « W# 
B0 HoKUWSinl. U Dasnwowuui 
Ktk 1st— l 

Sratftoo locoac SO-9 

etmAr.—tus. 

Hid jacEogky -— (Tg L 


OBer +0 r ThH 



Brawn Shipley A Co Ltd (*Xg) 

9-17 Psnynwwx IW, Hwwwte Wh 04J»412Mf3W5 

U.PsrtWaFsd- JteP 97.9 +0-3 Hi 

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FAC UnW Ms nsg tn rairt 
IUpum Pteiimey WA ECMOBA 


r&cxvnentl 
FSOkTkkJIH 
P&CtelBrallkaFSl 

FACOwfwejIieAij 

F AC UKEramk Fua-e^W 

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ft*T»-|-* — n 
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AElin Unit Traits LWCxXbKc) 
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Brycoort Unit Tract Mgwt LtdfiKcKd) 
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im»&Mti Joza mjjd — l 

Bnekramrter Mangcmcnt Co Ltd U] (e) 

The Sunk EntemlJ»knEX2P2JT , 01-S«2BU 
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11 BtowfieM Si, Londoa EC2M 7*V 01-5880542 

GnaWFnd 1 8*3 87 ji 2U 

Mrnkg demag der Ttetder 

Hie Yorkshire General Trust 


INSURANCES 

AA Friendly Society 
(Investment Mdq U A G In* Unit LUO 
PO Bm 93 CanMI 0F1 4MW 
AAFrtn»*r5r*rlO_J- mji 


AUwy Life Assurance Ce LU 
aOHoMoO n tUnUB m uedwe ll l 02022 
Prop. Sen. 1_— ___bDB2 

EmmySev.l 1244 

Pnw.Jta.Sw 2 ___ 7904 

EttUtfSerZ 1405 

SottCtwrAtt Z74.9 

Pnp Scr.4 232 

EttdtrSer.4 1300 

Fixed loxSer. 4 19X9 

tatacdlniSfr.* U73 

A-ertaeSer.4 2607 

WWitaSer.* S5X7 

Joo»Ser4 758.4 , 

Ssatez=B X® 

SL .~B & d 


PiWflfPtutbm 77U 

Pi upnn F tia Cni 713.4 

CeidlrPMPattAccm— M2 
EwU> FMnOfaClO— 1973 
Mm> Tb* Pim Acart_ 2U7 

rmTedPmtCtt 1703 

IdINttn nu 

WPnsCn 291.9 

FfacdlnPmiAeBUi— 1783 

FludinPraCjp— Uo3 

Sen** H Soarnr HnW. 1523 
Camau MMr Mnd- 1509 
MBIMFud tel 


CGL Assurance Ltd 
74 Sbcrimti Bufe Gmco W12 BSD 

UN Mi . 

UKEmdtr Q72J 1S2J 

Wa. 1243 1313 

Fer EM Foote IM2 1781 

Unused Fun Me. 4140 4361 

ttwwwoial Lmdiy [177.4 1UJ 


+10i — 

4-15.9 — 

flit — 
404 — 

■*03 — 

-13J - 

-106 — 


Cwnhttt Insurance PLG 
57 Ladrnrad. Gtd 

Cart* F 1 HAI 8 1 Ab- 221*153 3X79 ... ' — 

FuMIMIAOBI Hrl2 JW55 1959 — 

Mae 0 vdi I AABl Adr 22M1Q3 6 M — 

Mann Fd I4&SI Aor 22 JKbJl 154X1 — 

CnFdASrl* T 4500 — 

G.A53o«Fd Mr 15 ■■ -I 18X0 ... — 

FerCotnEfltWBlASW* 1 "' »«« — 

“* — *— **»Asl2Z. _. 

Aol230U.a 1693t ..... — 

_ Cl S _ CU5 2773 _.. — 

Uan M ndP™mTme_ 10 iS IBOH -. — 

EouKt Pmtt* Fond 990 1B*3| — 

Find lei Pens Fd 1005 UhS — 

PrtSBW Pm f d U05 1763 ..... — 

Hmr « — J 955 101 a . _ 

Prtcoi hv oUkt hnannaiM oa iwuou 


Gaitmorc Fund Mangers LU 
SMcobbA uteoruruta fay General Part i aBe Ufb te. 
Vallrj Use. Cmbnak 5i, Cheduid, Hem ENB SJH. 
JUMn. 0*92 31971. i n. 01*23 1212 
atfcuBraFuw inn zsxJ I — 


~ General Accident United Ufe AssnmKcfz) 
- 20/24 Addhcuntte Rd, Cmdgn CR9 5BS. 01-666 Mil 


Mai Samuel Life Anur^-CcstiL 
6u«WS*fte & 20 O U?. 


ULPoWll 
CCLPfmtrty 
Smeller Col 


— I - 


Canada Ufe Bmp 

2* HishSU Potters Bar. Hens 070751122 

asa“7?i=d as l -. J = 


■tewgrt Pn rnd tor .4 

Pn«em Pm Ftwa ;tiu 

Ma-wtedPrnFd 033.7 


■nmUiP«Fd_C«lli) 2LLA 

mwwnl fa Ffl.Z )1T»J is&5 

Prepenr Pei Fd &Z7.7 I34i 

hm i4o< 

Gte&FwinPeoFd QetuO mi 

EqiHr Pen Fd — . 7W7J 239 J 




2114 «14 — 


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2*01 *L5| — 

230JI ♦ 13 — 

255.* 4L2 — 


Cam oa Assurance LU (z> 

I Olpmvc Way. Weettky HA90HB 


MW FbwMj) 
Biewtti Eodty— 
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D&SUautrd 
GnMIfcJ 
Holugr 

LoteD/eHngdiLltt 

UwwreUcttgttir 

PE fawn er . 

Sue ■ 


27« 2BX1 

195A acx 

170.0 17feJ 

JlOl 3275 


tU Z27i 

BJ 2973 

95.7 205.9 


NJL ftutkscHd Fund Mgmt 


MMtad Bunk Creep IfT Magrs. Ud 

MU « Hone. SBrcr St Heat Sfteffleu SI . 
Tec 07*2 169642 



SlStttttUtLABC,f 
NC Amtrkafac) 
NCAnrrfcaUcE) 

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3471 42i aw 

113.7c +L3 X5*> 

2107 405 — 

IU «U IV 

BU -05 009 

20X! 4L< 1J3 

209X —07 fc09 


San Ufe nf Canada Unit Mgrs LU 

2,3 ABCadauar A, SWY 58H 01-9302502 


Sun Ufe Trust Mgmt Ud 
ULCnsaeSt, 

IIHfrPeriMM. 
AMHenGraottAcc. 


MIM Britannia IMt Tst Mgn LU (aXcXt) 
74-78 FMtary Pmetnrd, Loadao EC2A Ufi 
01-5882777 Oettinv: 01-638 047MW79 

MJ( 4tu| 040 

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BHEF 


*tui 57« 
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Hawn IMt Trust Magt (a) 
3%KteawaainSL 
Amman A*«2B 
SccurlUo 
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Find MSI Apt 
Hgp IHtml Aarfl 
Far East AprtS. 

Coteeca Ajvfl 28 
mean Uial — 

Royal Bank of Canada Ftfs. 

til Twit Urn oiin Undtad. 

X LondM WaB, UodM ECZY SJX. 
RBCS«toct6-»Aii_J69J 74jj 

RBCSWKilaeswf (MX 6U 

HBCSrtoalKAcz AU 69.T 

RflCSOcCI M.AmcOatt J47l 50X 

■mCSttalMDl — JU 5L9 


Royal Lite Fd Mgmt LU 
P0BOS34, PeurbanuWi PC2 DUE. 0733 

EMlW 765 BBte +0 

MNuntaalTran HJ Uf aoj 

(Mid Sims That— - OA 373 *03 LAI 

Pactflc ttott — — ELS 564 OJA 

Curran Z7.9 »J -uu 7A4 

E^ttCMkJttxan !26* 240J +03 L32 

EwteCraittlW fioi 1700 +04 1H 

NUlM AOWD— D75 USX 4X0 XU 

IMIKtHq 11X9 1ZXA 400 XU 

irSGruta Aa*»_ kL4 tt( HU IB 

■n/t 63.4 4021 U2 


2J9 

550 

L09 

220 

1X88 

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Aetna Ufe lanrance Ce Ud 
401 St Jam St. LMtfw ECl V 4QE 
LBt PM** lAccittWttttr U 1 B 1 ) 
SwUtH ____EXD6 W 


Pioecnr- ■ — ■ 

ladnLhted. 
FaEaon- 
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0-6006222 

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Swiss Ufe Pen. Tst Man. Co LU (aXc) 
99-101 Landoe HA Sworn** 0732450161 

EwteDtH.* __J54X3 3WJ| 4-1XB) X02 

Eeate Att.’ ■ [04-7 4«9.d 4173 *02 

Find lid. DtrLt Tpu? 132J0 +z3 9X2 

FtadM.*CC-t . . .170116 2D9J1 4U 942 

-Prfcei an U>r X Nett daatag Uay XL 
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HMtaoe Pnaorty— 
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ManolMall 
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Wl Cmq Bond. 


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1 — PeoWorMCn 


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52J 40J aw 

52J 402 a72 

Pi 405 XU 

<3Ja »a« D.9S 

121.9* 401 044 

96.4 +1 i BOO 


sti aa 

67JJ 4X3 


H*y*l Lwi *— Unit Tst Mgr* LU 
Riy*ll*tHl*CelCteSMraillRA 0206576115 

Ara MfcMlUMa 19.4 9W *X0 a74 

CM loom WJ u« on 

Httftttwnf- 10X2 1094 40 J X75 

IWMBoOCimMkH 1W» D0.9* 407 U9 

IdMn— bOTW .6*6* 40.0 4j64 

iw nuia m-n xmh* 4X4 ojs 

SMOWSW 154J . 164* +0J on 

UKCravrll JJ-9 6X3 3oS US 


T5B Unit Trusts 
C/Orftan Plm Aadn 
TM. CBM 56789 
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Dnttm id IBM 6M1»34 

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. 6X2 CUa 40* 242 

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.sax &U 41 an 

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. 18X5 19U tU 443 

- I960 2003 42 A ZAO 

. 3263 M7 J 4X1 ZAO 

. 505 524m 401 037 

- 70* 7JJ 401 037 

. 27BO 296J 42.1 X56 

. 44U 47U.1 445 L56 

. 21 XB 227.0 +09 OM 

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. 4SU 479J 4X9 090 

. 774 BJM 404 145 

■ BOA 855 4QJ X15 

. BU B09n 405 152 

J9L9 90S 4Ul 152 


1BA 124.71 

3*4 35XT 

26-9 2309 

1U 12SO 

275 S53 


MAPI has n*d 404i on 


Mtater Fund Buigiii LU 
lUteterHmniMmSaCUBgH . W-AaiMO 

S=ssr=3ii sa au 


ktarray MittstWM UTJ MgU. £*) 

MSHwsudfxcumcaiwi »n-*awH 

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Raya) Trust Faud Kbh 

ChMM rnd Mar 31 goo 

CMlMGrathU). TO* 

MromllnWl— — — B3. 

Ctettytac*ra.FMaKU. 102.9 

llrCgalaad 2*T4 

RMceOPmtftytaX. WO* 
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SI Unit Trust Hampers Ud 

JUHnerBd.5oMwS.mi3W _ 0X9UB36 

SmACB-sFnd [707 7X1) 4X* 00 


tsAa 

401 XU 
4X1 359 
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Target Trust Mn^s. Ud bXg) 

Taiyet Hse, GaMtaacM AyieUiaTHa 0296 994000 

Amman Eape. IW4 7x4 -tax X 12 

etraOa — mu tea -ai aid 

C<WWte ma r. 153 — X2 078 

Coramnn Fnd 0*7.4 1566d 422 5J« 

Earty OW J 1723 +X. 2JO 

Ewoarantott.So—6206 127S US 


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1654 +XX 080 

20.44 _Zj 909 

1392 4l4 045 

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107.7 4UH 149 

TMe -53 XB6 

JB3J 4X0 0.97 

XSU .Zl X« 

246J — J LAO 


Templeton lu i estia en t Mwmnaaiit 
20CmdttflA>c«tt,E3Sl<TPX , 014BB6064 
IMLbngKlM HO*-* Midi ~J — 


IndnLmtd— 

ParEaneie. ■ — . 

lilt Pnjty- 

Fbrd Imrad 

Cn ml i N ' Q M l 
MwdUawd 


toil audit wire 

FArEMEe.— 

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SarlUsaZ 

SurMiudJ— 

twlliyl 

SQrMngdS 

PtaimMUO). 

Brawl FmL— , 
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cwmwnu 


AOany Ufe Assurance Ca Ltd 
30ithetlAnCi PnHmBarCNblAJ 0707423U 
EmteteAiz.lt>-— -ftllf 8861 *M — 
Emwcm ra Aca »Mrl -4 n? J 22X1 4X3 — 

R«rf N« *<%.(;>._ taxa 5*01 405 — 

CM.HonrteAE2|l_£0M 219J — 

UdL Hn-te A nn Irt. pf67 3662 «U — 

IMJFnlMFdAcctZl b%J 2D6A -02 — 

JmaaFwdb) 2W7 3101 45J — 

Nn AirantMi FaJmtt>4l70« X79A -»X2 — 

Pim.Fd.AtaO> Pn J 2292 — — 

Wnuptr ra». ttalll 15793 6QUI rLM — 

UrmfflA n-l-l - . |T . M 25 X7BX5J 4*03) — 

EnraHAtcul ■ B09B SWJ 4 XI — 
Fttedltt-Atai i l ■ Ail l S 6SX1 *1A — 

Cl Mary Pa Aerial U*U 367J +0J — 

HWUmFdbl -SXD 36X0 +M 15 

-WPtl FdtatzJ K49A 47XC +1X6 — 

N Aid Po Fd AuAAl 09941 209 4 4-21 — 

PraprriyW B 228 H9.7 404 — 

3D* 9A XZJO* +1X21 — 

YUA Straw® OlL9 12L* +X1) — 

ABM Dunbar Assurance He 
tuned Dorter Ctr.SwMon SHI 1EL 
Fixed oe. Dm- ACC.—JQQJ 


— Itebon Water inonttl.. IMU 


EadtylAdB — 
Procurer U«ta- 


: j =| 2 

40221 _.J — 


City of EMakiwfli Ufe Assurance 

46Charh»e5d.EiM»«>OU4HQ 033-2251655 

l>W7& San Sand. hZZJl 1290 -XOl — 

RBk6 RnoidBaad b65U 1740 -_J — 

M ia i tf JCAnaontFd. — 037.0 1450 — i — 

Mony MOrfcrt Fa ZZplSil 1180 1 — 

Ivranmaat Str*t4r Fd_UQ7J] 11X0 — i — 

NwyASter PadFd__b2SXI 13244 I — 

Bui A toward Pw* 

ManteJOanPn - „ — . 

Ilony ttartat Pan Fd^lXfl 1170 .... — 

Im Straw® PeaF*d_bnu Uoa — J — 

City of WestauiBster Assurance 
Scraiy Mouse, 500 Aaottny Boulevard, Sazan Gate Weal 
Cent Witten Keynes WOT 2LA 
Cdmnl Salts 


Pen Wort) Cftratt 
PmUiCEmiv 
Pm UK Small 
Pea EaroaMT 
Pen Fit Eaaera 
Pa HttiAinmem 
Pen Find Imtraa 
Pen MdeiLidid SUa 

Pen Unary 


— 07 I — 

+071 - 

-OJ - 


Eagle Star Insurance Co LU 

Both Read, OHertuin GL537UJ 0242 221 3U 

Soon Fute— KNU UU _ .J — 

Blue Crap Fund U87 1564 +071 — 

Pettenunce Find— 1709 1795 +0.9j — 

AmeadnoiFiiid lb7J 17U 410 — 

PemJDM 5«a»+ . — _ — 701 1034 _ J — 

Pet&lora BlkC CKtt 1162 1204 +08) — 

Pansom Petfnmvtpcr _ 11X3 1174 4071 — 

PtngnMMms_ 1116 U9 a 4X1 — 

PeewmWtePratttx-JlOeJ UX* +oa — 


Eagle Star Insur^Mknand Assnr. 

1 Tlnadceedte Si, London EC2 , 01-5881302 
XWeAUH Unm. 7. .. JgnLO 20BJI +U>T 424 


Ewrtrhadm 

FiwdiMeranF 

Fw CMt Fol^HH.- 

ll wM iA n n anF md — 077-6 
Nabnlilaavw Fmd -0705 
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FdramrpmtipttaK Mtaseono 0908t«BBS 

Clerical MeMcaFFUcIfty Intenutlorud 

Mam« Ptoto, Brhtd BS2 OJK 0272290566 


Economic Insurance Company Ltd 

LotiCBn Rd. Sttmudicwrnt MEJO 1PE 0795 

uaonied W 2 looj „ 

FiMMMI {976 1C2J 

Emmy P0O7 UJ6I 

OfmasEente— — e-0 300M 

ten — ..re4 1002 — 

PmMwa®tfl™_^noa2 1CS3 — 

PtraFucdMoeu— — (VTA 10X0 — 

PMEmte — — — ftn? 1 1073 — 

PemOMnmiEttMy— MA »M 

PniMomt «X2 10031 dd 




SSSSfe J 3 ds 

Jam Eramc AaaHZte* SJUAj — “■£> 

rJ S3 




SIM IMt Trust Managemut Ud 

tmeroton tome, PDrtVDOtS 070S8Z7733 


RFV MuUil thdt Urnwri W 


NM Sdtreder UaR Trust Mugrs 

6n*eiwu*l««a,tertnnmm 

u Hs*e Jilt ? 147 


UKsScd^&t^JUU . U7J 


Thonrteu IMt Mauagm Lt«0i| 

IbFIodney ClrtavLoatoa EC2H7DJ 0.3744995. 


toSunn. 

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Save A Prosper Erutm 
28 Weutre Rd. Ronriotd MU 3LB 

sa-o 

m ha 6 ft-Ui FdUl 

CmaW 
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Caro Inc <.[*•»<*> 

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4 <U 033 

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Touche, Rcteaaat OnR Trust Mngt Ud 
Ucnmkt Hje. 2 Paddle- Dot*. EE4 m-2«: 

TB Amman Gnradi. - >•*■* teal 4tlU 
Tt Cum Spec sm Ak 

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410 13 

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Nerwidi UuR TYoat Manager* 
PO Boe 4, Neransk Wl 3H& 

CraraT* fond 


KSSi'SSI 


(K03622ZM 

111 

WSJ +o3 147 


ScMtar Asset Mna g w ae nt LU 

oc«*7Sq-Ute»e,Ea*6« 

SWMtra Oioeaina ac_ JZJ 1MJ *00 oSO 

Salocsm — g; 350 -mji ojo 

KMar (Annum AK~ gi WJj 

Dm. <bm w ra— . oJ -0.4 9*i“ 

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A, i BMnt 535 400 432 

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scuidur P»c Mto. a* 
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TWO Data UiA Trust Mtemgen 
100 Wood SmexLD*dOiiE£2 , 0Z-4064 

TUUTWtel — &M* 22661 4 TM 


T iansa t lau Bc and Sen. Secs, (c) M 

lOl-liQS Victoria no. QimnunnX K45M6266 

5 S?SS!!!=W^ 

SteNton tat. Asms - — 

FMf. A)06Gen.Aar2 _ „ 

uawLiMai -too a MJ — 3 LU 


Pea. CM 

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Pen. 60 •«* 

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tee. Am £e 
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Pt* For Em 
Pot. Euro Cos. 

Ptn.Enra.Att 
Pen. OS. Ate. _ 

Pen.OS.Cie 27X2 

Pot- OOj.AtT 299.7 

OJLF.Can 2XXA 

PteUwtteBeCaa 12X6 

Pen II ulema Am d_J 1365 

A mh assari u r Ufa Ass. Ca LU 

80 Hottetam Rd, BaanmateB 

EdtetynwCAz*. pvth Ml 

EteteFtodCan Hlfc6 121 




PrlcB Oa Agri 29. I 

Cote FA. 

Mam F a 

Ford W. Fd — 

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m -a 


Far otter pen M og e n q e 0272 290566 

Clerical Medical Managed Funds Ltd 

1551 JaaedlSe, LontoxSWlY 4X0 01-9305474 


Equitable Life Assurance Society 

WittonSl, Aolotiiny BwteHP217QW. 0296 

Far tasrra 1353 I960 4X 

Fd of ira Tie — ■— 15n0 1M0 +CL 

CatAFtodW 123.9 1304) 

Hiplnum IFHJ1 1920 4 X 1 

Irani tnraOv U32 U90 +0. 

Mjoasm.,. 1M2 ISXM +0- 

Uonry 1109 1160 

Nsrlt Affian .. - 122.9 129.0 4t 

Prlfcin 1702 1790 *L 

SotcSilin — - hob 19o3 +l 

Scnoa FrrM ram d H 619 1704) +L 

Ptmian Fundi 

Fat EaECTn 2175 2209 +1 

ftt.afira.Tin 1700 Iffll +8, 

Citt&Fliettlitt 13X1 1301 

Hnj* locome U7.7 229J *LI 

InuroatloaalCRMta U7A 1ZS6 +0. 

Uaoted 161.9 I70.J 4l. 

ten 12XB 1202 

Nratli Anwttcaa — — — — 1283 135 f 4 X 1 

PtKcan 197.4 2071 *1 

PrasMa— 1109 1167 

anoatar. — t>»5 22 x 0 4 X 


Equity A Law 

Amersaanr Road, HlghWycoiihe 
U6Euimvmd — -—teal 
Nisner Inc-Foad, . N »56 

Praam* Fund.. — — RB2J 296 

Film lattren Fmd___fiSXb 266 

imo UU Sees Food 
GEL DtpoUf Fond 
NIB OiomcaF 

Far Em Fund 
Eurant Firatt- 
InumKlMd Fond 

Hard Fund 

Ina. Pt* EaiAtr te> 

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lad. Pen. Prapptr (z>. 
ina Pn N Anra la) -JIOOB 
Ine Pin Far Em ix<- »■"“ 
lid Fen Eunooeon U> 

Ida Pto-OMTUsalx) 
litt. Pc* Balanced U— 10106 

lltt. Pt* Cato (l) 42196 

Ind Pen OAF Str 2U1 
tod Pa OAF Ser 1U> 



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TrttuN Fd Mngrs. Ltd. 
BmlLd*Hie.CakMtEiCailM , 0206,44155 
THBM0«noral -J623 17£*ri 430 X4B 

Far Tyudal Mugrs see Arin Uall Trusts 


mratwTim .JUJ 1U w«] U 


2 gKS^ 5 Sc 5 a ,, “ 

lwnuti*nj(tom«w-JJWJ -i J ,5 

tocwncAGrawip HTJA OJj MB JM 

Wu, wraatecraery ■ —i IV fc m* «,0 “0 

tera»*W 0 « 6 d«-_— 4»9 “ 

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ScuttUi EqattaMe Fund Mgr*. UMrt 
asiAfldrew»5e,Edtt*3; oi-as «ni 

teoM Meotti Onta W — Jg 

MttMtoneUnte gV2 R«fl — V ?£ 

rW tS- o« 

* S 3 ^ a 

S3 +53 xa 


UX PrMidcrt Soft Trust Huaucrt LU 
Unit TRKt Aooaot « Mgmt LU 

a Cwftell Ararwe, Uradgn, EC2R 7PA. 01-588 60M. 
Aprisam l lmdc nm C mnlma Re Lux 

FHvtHteCtete 11902 2060 | LT1 

FrlnHtelacnL-^JBLS UM — J Ub 


American Ufa tes o ran c i Ca UX 

24aA^t t Rt mU rayto CR9 2XC 01-6807181 


Drpodt Ate 10X9 1070 — 

Ewenwnlrt— . P06J 1120 +Oa — 

Far Eaten Att— .T77.4 1340 *U — 

FlnalnnwAx— 3U 9tJ +02 — 

taenmimaiAcc__Jii2A liO +xi — 

PrsncnyAa _____ 5S-* 1620 4X7 — 

UKEangrAttl - HI75 12XS 4«ji — 

ggar^n MA aui 400 - 

jsssSsu^ss sa aa = 

Odin- MM gnen » »lte (raw Annten Lite 

Avua taamce He 

TOQ togw BX S u i tf w ^ B Wi tag OTP 0709 2j8*2Q 

Battle As i n f met Funds 

SaCUmeaUXasaan/ECIVCrY QX-X746801 

M w m &wtt Siiwe gcrrjEf _J — 

Wmarntermf 14339 15UU — * — 


•atctQS Ufe ton. Co LU 
252 ReedoiU Heal Lsndan C7 

£ 3 SS =&2 

tata 


Stack EzUurge- UU 190 — il 

Pw» on April 29- UnK deWtete an Wtdx 

Colsaial Mutual firaup 

24 LudgaU KHL London EC4P4BD 01-24* 

M M. ffM* Aatii c iil^ ^ [ 

Em h Se™ rrf 


_.as= 

um in 

RM?fcKCw 
FbattUlra. 

MdezuntCoa 
maU*ira 
M ai ou acan 


— FS Assurance Limited 

— 190 Wr« George SXGLtt»wG22PA. ,041-j 

— Pear BaimlGBiFJCn— 6X1 S5Jl 

— Pm Baiacd Gin Fd Ac— bej S3 - 

— tor DnutJtCjji E39 250 .. 

Cam fcpmtt Ato m — to A 26-11 



Sctttbb LUV hwestmeotsW 
H&mwrewSe.tiWtah • 
Wtonte -- J M J ?! 


B»<2253U 
+l 2 xsr 


PX Ingdik Tnat Smg Hu 

aSSfiS^W^: 

OratoN Day- *"* ’0 ,,l "4 Hr T>1 * 1 

Pearl Trust RMwnUl (*XB> _ , 

PaAHCmoWPl 


PNKWM _ 
IwteH 
PoonMtauq 

Utomomw.- 


Scattish Mntnd lasestuoeat HwqM LU 

109 a Wteta Sx SHti u« 

Fra raM..- 911 ZS.< 43 X26 

totonteBonUG n o m .. 1 MJ JJJJ L» 

ItoUAwiMw— U62 1»J *10 X3J 

temu- , , , 210* 232-1 +10 021 

018 2S5J *20 211 
UWSKca. LneiJlWJ 217.0 *l3 M9 

Scrtthh PwrUeitt Iw. MgL LU 

VESSm sfil 

m S 3 tit 


Vaaguard Trust Mauagcn Ltd 
65 Nettom Vtoaaa Lonaoc EOA 2CU 
Deal IDO Lint' 01-236 2*68 
AangdoaMnAiutt, 03X5 174J 

(Actan item joXA 1762 

farLauABw.......^. (Wfl 6X7M 


Uttar* UnnuM 

AocmmfcGifi 

ucnmUaedl 



165 
. ... Ltd 
♦flj - 
401 — 

4616 224 
■0624 12* 

+01 LQ 
♦00 X43 
+20 L97 
+30 1.97 

*20 a* 


ScatUsh Uutt k 
oomrinde Scresc 

PKdkFmdtel 

WefMGrarata——- 

Uteth A ne rt cmW-. 


i£m^md S-Lttta WO* *n. CBB4MM8 
HteWAimluaa AU . W-u — * 


(nmOi — - 
■M66wncantoc- 
imc<*-t» — _ 
emlnomr-u_ 


HJ 7HF 031-226 4572 

■0 400 OOO 

3 se 

“afi Att 

•i 33 b 


UtaaralMal 

HtgaYKM 

(AomsUMul 
SpkuIMi_ 
UKualMnl 
TnteK 


Euedtaa Fond kc^_ 


Wanfl0r Ufltt Trust Manugrrs LU (a) 
Wartley Hew. 7 Deramteo So ECS 0I4I9 

saw!i=&i uiSs 3 « 

Japan CmdiTd 0702 18ZJ +34 flJ 

FacHePo^iC-— MU l«JJ +00 ftj 

dmflCra TW ~— IBt 1«6J *20 X9 

Tanter-Tq. ■ - ■ - .MA «X*a +O0 03 

AmmLaTamI $74 hX' 400 L4 

UKTivtl-.-II.. — .J7T8 M2.1 +10 20 

Inraoe— G«ran»Ttt — B7J _WJ -M Ol 

ram Knoste —— .T^noa sum — 3 la 



Combined insurance Co of America 
15 FWtfWd WtS, Nosdfln moo Thame*. 
SorraytCnZPA. 01-5467733 

lltmwdFnadiesal >466 1010 +10 - 

ManietdFiwdlAtal Wf)2 ltail +10 — 

uatedFmrdlCiOfA IS3I +10 — 

HuagnlPmiFdlAgl JMJ lfful +U1 — 

Caaru/elit Union Croug 
5tH(teAllMeTftafl.UM0A£C3 Ol-znTSOO 

1 teritad%yS— i OTJH I +Ls3 — 

Smawd' 41 .-^ iZTXS 2SS0 +26 - 

IM » 1 t -XC - 

732,1 4-L5 — 

XWJ ... - 

16*3 +03 — 



_J gs = 

for ram* id iraui no* town W- S3* SS**. 

Mack Man* LA A**. Ce Ud 
IHuKaaBniWr.OaraaxlCee. , 0U4«SUa 

ElackNoruMteFt^J *4117 ^ - 

Inanrate «*S3 4363 — J — 

ExoiteaneFC.— J0X23 *142 __J — 

wortd~drCm4Pte-2«.?4 K7^ - 

■■ i - - 1 - 375J8 v»tOU 1 — 

-49X66 

Hte.Anwr.~i&*Fe 229 

tiwt|tt.ftt — ,£J» 

tebUlnnfM— IW 31 

GrtnmGrawttFa ■ ..146.76 143.' 

Japan Gmran Food 177.91 07. 

ItednMGrraaFd 17*36 135/ 

XtalyCUtraS*wFK-_K&AD — 

PrapargM . IffT.+O 
roHUMfl 

C4*rs.^_ 


HOter Unit Tm FM_|1146 1230 +0* 

IM6C*n U mTK F ant'-.;. . ? 5 1200 -9j. 

WTdwn* Scot Sas Trs — 3064 1120 +0J 

DandCdkcr&Pv il4JJ 150.71 +X3 



3CO0 *4Jt — 

M 0 - 


165.4 405 — 

10*A 115A rOJ - 

34J 101.4 — 

7X0 1800 +19* - 


Friends’ Provident 

Came Sues. SAlKBniy, Witts SP13SH. 0722336242 
Uhiuu . 

■IwueMiUmdl tl7U 1934 _.. — 

UkEwmt QL9 223 J .— 

Steuwni HJ24 ajl .... — 

On-tott Eratel 073.9 18S1 _. - 

■ttauAraenua 91.9 9tt9 — 

Pteilk Start 1».4 11X3 - 

Erawa* . — 1C0J 1MJ ._... — 

Pnanry — 1422 1*9.7 .-... — 

F-irfl laurte 138.7 14 1 — 

Ind+i Liters 1345 1091 — 

C-a»-^-T ZJ721.9 UMl _..J — 

SIMo 

Poeettn rntt [temn OelU) 

MniBsrdlMiiHi-— 094.9 3C3~3 — 

UKEtetaf —.2361 248J - — 

5lnrartt*B ..... EC7J 2*0A — 

OrannaEantty J2K4 to7 ... - 

Norn Aorncno iWJ 1085 — — 

Pacific Betn —Jill 9 U7 A — — 

Eimm *X9 98.9 ...„, — 

Praprf.7 11X8 12SJ .. - 

FiradUWOB 11596 16B.C — — 

radnLWied ^—{1065 1110 .... — 

Casa 3«fla .... — 


— Pi<n id Cap UB and Ujd ■«* FirtSC H rtOutJT 


s a = 


Caatinentsl Ufe liutnunee PLC 

fcH70 Hijfc Sc Cnautte CKO 9XN 01-6805225 

Catty AC. — Jg J 36X31 - - 

Prora+yAa -S29A AC0 ... - 

la A tt..-. - tt gj 2M0 ... ~ 

SecsSto ^ ShX4 zhs - 

traedrart TU Att I145J lilt — 

PmracAtt pMU Jl5-9) ..... — 

PraPrapAtt JUsj 67*0 — 

MtteHW .,1 — -I6W.1 6610 - — 

PwHUteACC 3785 mS - 

PrfllraTraaAtt ^196.4 206*1 — 


ET MaugenMt Ltd 
bn Floor. B Dewnwrp so EC? 
CT Pita Sond Fuzl— — tin I 
GT PNb Higi 7|B Fad . WL7 
Cr»iraF»,twF« — BS2.7 
G7 Want An Fine ... ;!506 
CTP1»UK6& LFnd— BM8 
GT P 10 WriOnSe Frd.. 011.9 

GT Pm-BT- Ena Frd pi J 4 

GT Ppaafiqr 71ttFS-_-pa9J 
CT P*s F*t Lan Fd . .4+09 

GTPfn M Am. fa JJ8.9 

GTPraUKAGX-Fd.- fGUJ 
GiPtttWmwcseFa. 3504 


UKEnttiy— 

FI rad literal , pW3 UOB 

Irdri-UnWO ■■ . ». 10X9 1070 

CtehOepeie imj mo 

Proqmi UX9 117* 

IntefUbgral 110.7 U65 

Atewme - — . 996 9U 

Janoa— — 1414 150.9 

JJOW Srailtr Ctfi 1105 1161 

Enraowe 1066 XXL 4 

PaedK HOB 1019 

Pen Man At* ,3*08 347 « 

PmUKEtediyAtt 194J 2040 

PoiFlacfllrt Att 1370 

Pan Ind-UnkMAcc 10h2 1110 

Ron Gate Pen Aa 1175 1Z30 

Pot Prop Att uao 1SO0 

Pea IrHr Ak X2.9 1546 

Pin trariew Att NJ KM 3 

PaaJanan Att 171.4 183.4 

PraJra5B.ee i a« 122-2 ia.a 

Pot EmnoMtAcc Z£l55 122.6 

Proa Pacific 197 J 1022 


Criterion Assurance Group 

Swan Com. Pcimhrtl Hants 07508 

UtenateMnydFuad 709.9 *212 — . 

Criterion Mage Fmd 189.4 1994 _... 

PmlonMnWCa 64.4 672 

Penkoa Mm Ac T7J BX4 

AaJrrSmFaufc 104J 1096 

Aalra Ms Fd Pen Can— 102.4 1078 

ActM 5«Fd Pens As — 99.7 1049 

World Opm Mod Fd Life. 937 903 

V*wioDanH*IPrraCB— Qj au 

WOrHOpteModPraiAc— 9X1 <s3 ...l 

For aoHd Fw eras pticn ring 0730 63281 


Crown Financial Management Ltd 

Crmm Hk, WMdag GU21 1XW 048625033 

Lite Fmd) 

AirarlcanAcc b045 UDJ +DJ — 

Eatt-.Aw._- -..tei7J 49X6 44-1 — 

European Ac IMJ 1935 -05 — 

Focd Iiztirn tec p*9.7 jath — 

H>ga IDCW Acc [<LMD 467 J +3.9 — 

loud. Ace paz.4 «H5 +2J — 

W*. Trustee.- — _Ku 4SEJ +X1 — 

Jraaraie Ara. ■ - ■ — p02J 21211 +2D — 

Mamed AnL trni 3902 +2 A — 

Moray Att QfcU 1935 -OJ — 

pfooeror Att J1S42 I9XH -OJ] — 

indhural Pen«s Ftedtfi) 


SM 0 — 

3570 . — — 

11X9 UTJ — 


PacHk 

Pen Mon Att 

Pm UK EtediyAtt.. 
Pen FI led IM Act — 
Pan irtt-Unked/ta_ 
Pon Data Oca As— 

Peg Iri+r Acc 


Crusader Insurance Pic 

Relgau. Surrey RH2 8 L 0737242424 

Measured Perlanzm- 1083 11*0 +051 — 

Per framn ce Plus 1055 11X4 +0-3 — 

WHt PrtAt Pfrloroi 942 

UKOopornunty 12X7 

Emneaa Oam ratty —. 109.1 

tea teretkra Ora. *85 

Far Eastern Odd— 106.0 . 

GwlB ?ra See 1 IA|P®- 5460 1540 .. J — 

GotaPraSarZ loon IffijS +00 — 

niMiateiea im ni 0 +00 — 

Cadi— 99X 1040 +00 — 

Managed Pan (Apr 141 J 34X60 3*9.9 ll _J — 


DmonsWra Life 
29GiiBhDBSe5t. W1R5RG 
llttM. — "«’• 

WorUGrawia 

•“aat 

mo I 0 L 2 

r„ utnera 16*6 

Mta AmnUtt ——.... J977 

FWrdlnievnl 

UdoLteVedStts 


Atwcimzioni CLNEHAU SgA 

117 FencauroO Sl LnmSuti ECSM 50V 
HaMmGenerahUKGU 41305 137 « 

Honcra GcaeraU P»a . 15L.9 159.4 

Karans CanuBra-— 12X6 L3O0 

HarAmEacRTliK 1450 152.7 

Hmnr.Einowi -12X2 129.7 

HadrasHigli income— 156 4 1647 

HunbrasJun& Far East . 16*B 177.1 

Handiros ten AmetlCM "<*• + ,A1 »' 

Kanerot Res 6 Auhs_ . _ 

HanarasScatenatUa— bi2*3 U3d 

Hjntorat Smaller Cta__(lbl5 1700 

General, law HiraiOjll 4560 

GcoteMi lai Men Pm -08L7 190 

G«nemi Can.—— [TUSH UOtJ 


General PartfoUa Lite lu. Pic 
Croubraek St. CtMftum. Herts 
UK F trail 

Portfolio Fd Att J70A 470 

Pardalki in. A—. <705 0*5 

UK Laura Z4SJ 

OteneraEtedlr 147J 

Snulin Oonnn |«*6 

Far Eastern 15X9 

Eorwaa X2.9 

Mamtenetesra- 101 J 

GrtPtus UOB 

Fired lat-Drp 115 7 

ButePaa SOC 1145 

Prooeny. — 1859 

loan-LiiiMGlR 101 -B 

Monraed 1395 

Ini. Managed 1571 

Bnrtnara 11X1 

F rand ■gum. U95 

Pwpeuil L10.6 

F«WK» 1202 

Gidnant Maura 1 KL 0 

MWtnd 162.9 

N. H. Rainsraw 10*3 

Mfh Street Crafty h*0 


3W2 
14 1700 

1625 171! 

1754 1B47 

1332 14QJ 

117-1 


^ z 


Pen UK . 

Pen Overseas ttjulty 
Pin Smaller Cta 
Per Fa Luttra 

Per Eussaan .. 

Pm niMT" AiafttOHI 

Pan cm Mat 

PHiFiietflisDrv 

PoaBMiBoc 



PeaFraraUngun 
Pen Priprtujl 
Pearrttuty- 
Poa GMmcu Matee 

PnteM 

Pea N. M. RMteodhS 

Pc* HiraSl Eotty- 

Fra mhc- pncea cause i 


Gresham Unit Assurance LU 

24 Praia of Wiles Rd, BaKnemoutfl 02D2767655 


Bounced Fora____ <5.0 

Erany 111 <078 

Fitro in U> .... 160 J 

Gictul Growth (11 10*5 

Incan 111 U*5 

latl Hunt Ul. 9*4 

■lanaged Hi — <616 

Money UO 19X4 

M. American Growth It). <92 

Property tel frlL9 

GnsaarafFteBlBBtn Serial IN 
AaiencaiB Gen uiZ-^ fibO 7 

Casual Ul — 346X7 

Eraepeiafi> 

Fnrauaitel. 
lacomeTm tel 
laUCrawUtel. 

JraanAGnteJ 
Recovery (cl 

Cnttem Series II 

Buned Faad _<54 

tram tei “07.7 

Filed Interest ul 1605 

Global Gro— lo m _____ 1964 

inumui — _ 1209 

lidemural ire tel <7.7 

Moneyed tel HA* 

Money ta — 1934 
nb. AmeritanCrwinte) UJU 
Pnsetfil 1 _SX9 

American & General tel _un8.r 

CagHMUl .J4630 

Earaarantw- _JlI9J 

mnoMtei— I ^ T — - 

Income Trooul 
hdanorianaf GntthUl. 

Jama A Granite) 

RccoxryUl 


439.7 +6.4 

16&4 +27 

1121 

125.0 _ . 

UiLh 

489J -U 


m: *zj 

488.7 44. F 

126J +D4 

1105 +0J 

443.7 +3J 

3246 +20 

187. 7 +U 
3SJl +U 


1274 

103.0 ...... 

4*9.4 -10 

2045 

10*7 

244.41 +7Al 



Growth A Sec. Ufe Assce. Sac. LU 
23 Boftra Rd. MJOwteth Heath. W. Stale* 0444 

Fttnolv Finance J 20705 l __ 

L anma i * Se n - -J 78.48 J __ 

L«dDinkSec.Ata_Zp7X72 27&6B _.., 

t-AS-SaoerFd — __J 155349” __ 


Guanflm Royal Exchange 

Royal Etthange, EC3 


SRC Uafcad UK tamn Ud 

nausea teW J36S.9 

Da. Attorn K39J 

Erawt 'vtuM . (0935 

Do. Amm .Tft92D 

Fteea iru. Matte — &7 3 

0* Accum. ■ ■■ . 321 8 
laud, laulil — ..{3995 

Da Accum H8O0 

Morin Aimtmn IMUM _Jl44J 

Oa Aceura. __ZfiS7.7 

Pacific tvltw fecnj 

EteopeniiSjil ml" 

Da Accum. — mho 

Property Intatel .711408 

DoAovt 7Jlh7J 

lme»-Lv*edGiH inn acrji 

De. Accum JI12J5 

Dnaut I BUM _|IL 1 

DenoMlAttai* Jje96 

C 8 £ Pauta Ibusauat LM 

Pen*. Hraarad imou^ZJo^ 

- Pan. MarusKf Ac 
Pm- Earay I natal 
Pent. Eaany a 
Ptra.Fus.lBii 
Pent. Fkied im. Acc. 

Pern. InCI Imml 

Pern. HtfL Acc. 

Pen. Pv* I Mitel 
fro Pro A ta _ 

Pens. inb-Ufl.ee In. 

Par*. IwHJfl. 
tei Dol i Him 
Pm. Decs. 


— Hearts of Oaft Benefit Society 

— 129 KtogiarBy, Londha WC2B 6HF 

— Properly Fimd —505 532 

— Mjuptd Firnd. B97J 239.7 

Pro Managed Frad-_JU64.4 1730 


a?-3 — - 


FUmHy Auvancc Society 

19 New Rd. BfifllKon BN1 1WS 02737245*0 

FmH A- Maraud kjxg 442.1 — 

SMi X atanjpes B7M 27BJ — 

Fan%C. Bnt B«2J 2472 — 

Family 0. Fl«d W- _CT95 213i — 

FamyCoaUi Mapd— fl40J 2SA4 — 

Family Bnt. H —0391 1<X‘ — 

FimJ,Cf*ttnSen«l_a3jB 13*7 — 

FtoUrGrowtP Senes r_fma 74 • . — — 

Fnrauancintrala9G<n~Wi2 69 7 — 

faadly Pertorraitte Fd—ib4.9 HJ — 


Federation Mutual Insurance Ltd 

Suffolk Hve. Col lev HP, Craydoo . 01-486 5685 

Frota.Tc.ite -4-251 — 

Ptns.ftiu.Tu.ACC. iL778 LB67I — J — 

Fraraftagtati Life Insurance LU 

3 London Will EuteSnjs, EC2U5N0 J 01-6285X81 

sssssfseuia e 3 -i = 


UK Equity , 

Fred interne 117.8 177 Ji -1C 

Special Sro B9J 27X0 +L! 

NAnwrlua — . — ,1443 15i<| +U 

Far Eest 3033 37021 +1-1 

U .mooed 2631 277.7] +L< 

Prior Rd 1600 1095^ — 

Depota 14*3 154J +01 

Eienpeaa Pwjoo F«na_H09J 22371 +04 

Capdal urata pnees avattabie oe rvqraa 


01-2032575 

1983) +8A — 

2430 rlj — 

i 6 *U 471 — 

1580 »*5 — 


Z2B.9] +06 

325 0 4L* 


Pncet for Aetata Dm* only 


H HI Samuel Life Assnr. LU ( 2 ) 
NLA Tamer. Aftnuqmbe Rd, Cnnoon 

Securer Fund-;) 1316 7 3160 

BteiSBFatelU — 096 0 3116) 

InmiaDarai Fond lzl _ J?ne 30*71 

DeHarFund'i' — . — Jim 22^7) 

Ciraiai Fran tel _S*1 301 i 

Irraunt Fond tel E+XO 3810 

Prosovty Senet A ill __M9J ElM 

Property Uiuupte)___4)a*6 40*01 

FlrataLU lanai.-l - ■ /7l a 2C6JI 

Man«ed5**>esAt:i__J309 9 3260 

HanagMlSe*r«CteJ__B2a6 BLV 

Manaws Uaos 111 — _J5l).9 5700 

Hiraviau Fond Id 13409 1540 

Money Series A Ui__Jl77 4 15*84 

McneyUiatilfl — [771 Q 259 0] 

Eotty Feed i.-l Zit40 343 J 

FnteOlnUFittdUl — _223 S 23*3 

itteoraSec. raw .__'1X17 lliffl 

Eweon fund tel H *36 <72 J 

futonr Ppm.Fairt fl+7 9 7040 

Fra EM Fund tel _^_29*J <17 ti 

Snulin Eo tel 3771 <17 -K 

SaeC.SmFusyi). — .-5020 3J7 9^ 

Uterayt Cracr Piiwyi. n»il 1 16*tJ 

Isian Tesiter., — , 1 !kJ W3S) 

GiocuKU-: furshi 1 10*9 11X0 

Pm* 1 an fund Pncn 

RroprrtyAu 291* 30*0 

PrapyrtyGap -LUOS 2U-n] 

PwniSerAtt — ...Tin 6 1436j 

ProaertySerCns — - 1217 129 2j 

MMUOvdAtt I7D4 4 7<l5l 

UrofoMC+a li«2 SIS— 

MMUCvO 5m Acc— Ills 7 166.B 1 

UmrardErr-Crai 1606 1M.1I 

buronlenAu — iWM 354.7 

Guaranteed Cas UtfflS Z1141 


01-6864355 

^ Z 


ISSSa 5 = 


F+rt Int Ant 320.9 

Filed Int Cap Z3S2 

Proed in Sev Au 144 J 

Flirt Int See Can— L39.4 

l-v— 1 tm- Acc_ 124.4 
waned Seek Gc . . ID 14 

ladfeied 5ea. 5er Acc 11*9 

I ndewa Sou. 5er Can— 10 } 0 

lap. Str Acc ■. - lT*s 

latl.SerCao _15*7 

DaMr Ser Acc U5J9 

Dollar Ser Cap 1276 

EuropHn Scr Aa 7745 

EiHoraa Sev Cae 7449 

FarEtatScr Au 20*0 

Fra Era) Sar Cop 142J 

MttCarrScrAtt___JUr)3 
Man Carr S*r Cap — .. 023 7 

BoHOB. SOC Sot ACC 13 LB 

Dal IP}. Stt Bra (Ute_— J119.4 




235 2 2470 

14AJ XSX7 

139.4 1375 

124.4 1210 

1QL4 10*0 


42J 19X7 

390 14X11 

23.7 1305 

3 LB 1335 

J9.C lS3 


_ Homeowners Friendly Society 

— PO Bp* 94, SpttogtlfM Aw, HiifOPE D423 87355 

— Pwttoda Plan 

— HFSUramceFdl I4b6 lOLSi 1 — 

— Mortal Mactar KnM Saftu Ptsa 

= S??^Fa?^ S r ,S ‘"?5x7l _J - 
“ Imperial Ufe Au. Co of Camta 

London ROM. Gtooceser. GL 1 3LE. 0452 500500 
Growth Fima 007A 33421 +L1) — 


01-4880733 
*44 — 

**7 — 

-12 4 — 

+39 — 

-X9 - 


• 17 — 

-l.< — 

+36 — 

- 1.4 — 

*02 — 


London Rom. GHmceaef. u 

Growth Fima D074 

Ovt-LWUvd ParttaGa 

MlaawtlFft *7 77.1 

Filed IhL ft 736 4 

Svcmt Cap Fd. — I74J 

E9M1J Fd 67*3 

Property Fd. - - lim a 

Paasttn Food 
Pm Uo FdSnlrt 1 
Paw MaFaSerrer* 

Prra Prorany fd_ 


fntl+Ln Fa_ 

Pam Monet MH Fp 
Paw UK EtaKy Fd 

Perm 1 ml. Fd 

Pern Mipc Rate Glee Fd 
Imperial Lite (UK) LU 
London Road, Gloucester. GL1 3LE. 

Impcrttt Irrohnmt PortlaJto 

■laitepedFd h7jj 1B4J 

Gift- Eased Fd. h.30I 1378 

Propem Fd lioi*. 1373 

Hipa Vletd F± iUB 0 229J 

Manev U 6 I Fd J1ZLS 127 e 

lnd-L>m. 0-h Fd )1U2 1111 

mtEnHir.ru b rae 2041; 

to* ton. Fd . ._IMT 6 Z1B5 

Japan Fate 1896 1991 

N. America Fd. !ii?7 123.0 

Irish Life Assurance Cn Pfc 

Longbow House, 20 CMsmeli St, ECl 

Prapenr Vodrtn. — __pfc90 2831 

Properry MoUn Gin b7B6 396J 

Pnii.uro GHiSer Z_JlT4j> 1831 


Prtr. Mod Gift. Set ; 
— BhieCtip. 


Blur Chip Sonet 2 __p5*2 
Bine Cmp Serlet 3 _l__[i557 

High Income Scna3 (9716 

Managed ___J73S7 

mum Serm 2 p-ujr 

ILruyrttoiHl E 066 

Gwen B4anaort.___mX6 
GMul Praocrty — lift? > 

Global Furd I Mrre*_rw3 3 

Global Emotv Tup ? 

Du** Cash 1123.9 

Umirr-JI Seaedt Fnd IIH : 
Umvnval Bauaced Fad. 110.9 

Universal Oooudy Fd 112J 

Eirnd Mrauaed___ 534.9 

Pen Pro Sen 2 lb40 

Ec»lll. Pen. SvnrkJ >74 J 

GOr Erted Pea Set. 2_ 336J 

•Araioed Pen. 5** 2 472.9 

CrahPem«nSenet 2 „ 16*8 
toil Eraiay Pen Set X. 51«0 


_ UKEauay Pen SerJ. 
Fbed la Pen Ser 3 


Secanty Pen Ser 3^ZHZfK4 1000 — 

BMMHPcnSer3__J47X9 4970 J — 

Ooo Man Pro Sen 3 195-0 iOQJS .1 — 

For JcNom Fry see "Uaaagcmenl Scrota." 

TtiC LAS Group 

10 George SI. EDUourgh 031-Z2S B*9A 

Crescent Ufe Anraoacr 

M-raywtai ban B8J +Oi — 

UK EoaKy Il-BM-S JTL7 *X1 — 

Properly H4*2 20*1 — 

Brorlteto I I CTh 155.7 — 

Freed InL [1B5J I960 +aa — 

Jam 1 !-I)vaJ 3820 +40 — 

RartaAamrlq — Q4B5 157.7 -10 — 

inifvajifonal — B246 23BJ +L0 — 

Mauralftn 002.7 109 1 440 — 

European. -JlB 0 7 19Q7 -10 — 

Fra LM TZJ12? 6 129J +XJ — 

ft.qh TecfeWon IZZ—SS-O 129.9 -tt4 _ 

Special Smutiom- ESS U4.« -OS — 

Ptmlu Fan 

Managed 16X4 17Xri +4L4( — 

Inrmuumal lh*7 17*! 4 10 — 

tarn 12*8 133^ +oj1 — 

Money hJUrlrft. — 12*2 134J +0J1 — 

Rrodlmcvert -- |4J9 1524 +041 — 

UKKnfty 220 2 23X1 +L« — 

ftaruiAnenca. 127.9 im -L2) _ 


Brakar Ufa Fata 

•u 100 . ______ 

Cmey A SaneLFIa.M| 

Dowry investment— 

EP ward Disc 

taerroAswi Mngd — 

Mram «oWc Too 20 _ 

P.I.MJL 


Sayeroftm Eramot Uo*6 132JI 

CG A GIodjI Oaai____l950 Mo3 +411 

swwrat short Scanm— 1975 1020 * 0.9 

Wmcfteswr Uagdfdu— tiltH 12S-51 *03 

Legal & General (Unit Assnr) LU 
2 Mraiteftore Rw4 How, BN5 XSE _ 02733 

Bteldg. Sac. UtaW 1047 UOJ — . 

Da. Accra* , L12.9 U&4 

Cwn 'aural UXl 13*1 

Do-Acon. 17*0 187« 

Entity li"UM 480J 505.4 

Do-AtaPB. 65X6 6*59 

Eunoeaii Into* 1315 13*5 

Da town 13*1 1450 ! 

FraEstan ZZX8 Z3X! 

Da Accum ... — — . 232.9 24*2 i 

Da Accra* 155.7 374J ZZj 

Imv uoindGai 1002 10*5 — J 

Datora* lltkl 1223 __ 

hKL iWTLd 77*7 29 1J 

Do Aon* 169.7 3892 

Marjurt laktef 352-3 370.5 : 

Do Accra*; <7*1 5CJJ 

tenh Amencn 133J 140.4 


m =3 


369.7 3892 

35X3 37*5 

47*1 503J 

1333 1-U.4 

1W.0 147 4 

15*8 1672 


Legal & General (Unit Pensions) LU 
Kuig»Md House. Kbgswaad. TsQvonh. Sumy 
53456 E> 4660 


01-2837101 

M90# _-i - 


♦* « — 

+C6 - 

+0-7 — 

+3.< - 


iSKI :S3 z 


aj4.te *an — 

5UA +40 — 

6 ic a + 4.7 — 

71703 +XS — 

31*7 +09 — 

37« ri +1 j — 

<1X» +XB — 

48303 +X7 — 

178* . — 

2093] — 

130 J 4*4 — 

iflS +a< — 

1955 — 

221J1 - 


B OTJ — 

797 J 

9 1079.9 

1472 

15X3 — 

27*8 _.. 

275.9 28*4 __ 


£«. Bldg. So* Lott. 

Do. ta* 

Eremin Cam Ink 

Da Aura*_ — — 

EnmnEaty lnn._ 

Do. 

Lrtnat Ear* IM 

D* Accra* 

Eienrpt Far EAU'a lab 

DaAttra* 

EaemsiFludlnfl 

Do. Attorn 

Eh. lode* La* Gift 


Erantt Inn. UutU E19J 23U 

Da. Accra* __J£*T 280-S __ 

Eremol tenge. Urn. ±>450 574* 

Oo.Ascra* 1739.3 778J 

E>eaa N. Antr. Imt J<*4 15*3 

Dafluim. . .. . l|iW6 1626 ._. 

Erarrw Pm. WL __5«J 2054 

DaJWOim. 42 + 9 J 2 ? 8 J 

Se Dvttnit Inn j«*3 13*2 — 

Da. Accra* 17 82 J076i 

9-rcvr tar Sm 8 Ptroiran. 

Fra ether pncei Tel. Ofl’l 53496 

Ubtrty Life Assurance Co LU 

Smion Rd, Nneftanwi CO-84 

SriSecA 3*5 380 „ - 

Mwugrt 16.7 303 +02 

Earary 734 24.7 + 0 .t 

Blue cam - h i r J4.9 *10 

ScettelSra . . ■ g«J 362 +410 

Imemattonal [0 3 392 -0.9 

Eraooean Fooo. Sflj 10 7 -oa 

Ajneitoa OS 24J -X3 

Paciiic 3*3 fflj -Lfl 

U — — ■ J** au -oil 

74 3 25 A 4*41 

mraitfl Linked Secs __023 130 _.J 

IvuiCjrnaey — I .UTJ 184 +CJJ 


London A'deen & Nthn. MtL Assnr. Ltd 

12° ranysuay, Looflon WC2S 6NF 01-4040393 

'Asun aMBSer- Q09jb lltad 1 — 

London Indemnity & GnL lux Cu LU 

2B-2D The Forbury, Reading 583511 

Money ijlgi 4anl IS 11220 ULW 1 — 

WU Fieuaia Aanl 6 940 lOUi ZIJ — 

London Life 

100 Temple St BnsulB516EA 0272-279179 


Henderson Administration (i) 

26F2rtbdty S<6 l0ndda. EC2 , 01 -*585757 

foghlncma S29* 347.9( +3JI — 

Ml Edged -JG.3 94jJ -121 — 


IbteRridiircrt. 

SweulSnuuat 


Managed _2<0B 3».7 +10 - 

Dwat 14X6 1512 - 

PndW R«._ 16*8 177.7 +L7 — 

UanagrdCurTeaey-- LOftfl U40 _ . — 

CIONI HUMC6V- 143 5 1515 +05 — 

European 19*0 20b 9 -CJ — 

Pmerry Share — ;«2.7 25 J +3J - 

Japan fratt — _ — U25.6 IXil -OJI — 


Vied 

Indci Sloth . — 
inemauwtel 

Atturaneo— Sene* A 

Enucr LAJ 

Fiirc 1 meres lAI 

Pnacroy IA1.. — — .... 

Droxrtii -.Aj 

Mne-SUU - 

UOCI&KIEIAJ, 

ircerottlaal lAJ 

Pet»»nns 

EosqriP) ...... 

Fuca im.'Pl 

Propf^yiP-. 

DtraMUPI. 

K.rtiPI 

ifton SldttlPi... 

Iiwnatiaai iPl 


62U2i — — 

mil = = 

177.4 — 

35*1 — 

ia a _ 

17*2 — 


London & Manchester firaup 

wins Ease Pk, Exeter EX5 IDS 


iRKStmeal Trart Fdlil_ «59fi 

Prapeny Fd tei_ IZ3 7 

Pies itttTOK Fatal }1*X7 

EaniyFdteJ 2dL« 

Imtrruurul Fdtel 1906 

Anerocu Fsu) J 11X2 

J434H Fete' j2D*0 

tirosean Fd tel 1082 

Gu Drrrail Cfltel 1402 

FVilgic Pjte.'-, 2775 

ft'rarymtte- Faiji . 

Caraui Grmra Fd 121 - 

Earmo! Ir» Tc Fuji R71.7 

Eww. Int Niro SbsU' - ■ 

Eimv P3~ F3L-1 Za 9 

EiroSK Pste son: Shite I I 

EhrtiK rived Ih! Sdiii_J 13*0 
Earcw Eou-Ty F«aJ-_T1 251 J 
Erei-iK Gw Dea Fatal _| 121* 

Eir-rgi Flea F Site 44 U 


5602 +3J 

14*4 +02 

19X1 -0-2 

189.7 +30 

me +L7] 

1193 +08 


- 26X41 

B74* 
aaj i^d 


Euma lined FoteJ __J 1872 t 

M & G Group 

Throe Quays. Tom HUI.EC3R6BA 

Amer Bd« 1 An. 1ZD12 

Ame- P« Bate (Awl — (25X7 
Arror SmlrCc !d LAu- ,j 1P7 7 
Aunraiaiijn Ed l Aid W HR H 
Cumun-y Sood I Atw _ Jffi_D 
W Bond IA*U ___72X9 

Ei=iry Earr -toJ 

Entty Bone Srtul 2815 

EuroMttBwc.'AttJ 1039 

Cr.raYiaajiAij J72J 

Fra Eavrro Eons IA«> 74* 1 
GUI Et^lAiii 265.4 

Gan Ears .Aid „-ll5S 9 
higi Vifd Sane '.4«j. J49 J 
1 ttei-LmvM Cl Beiftta 1241 

Im— ml Sana Aoc- |433S 

1 metro itttomdUttl-.'ljaT 

JttW *md Aiil .;S2.« 

JAMB Sn-jnprCO idcci -.1513 

VwtK Bard 1 Au) JB92 

PrtFvriBnMiAtei J286 8 

RK*er>S«m(Att)_... l 3U2 3 

Snralrar Cr ■■ Ejb 'liTJW ■ 


26X4 +4.C 

113J +00 

ISU +X1 


10*11 +OJJ 

ConttL on nut I 















































































r 


^>1 ^i;J_*£ 




Financial Times Saturday May 2 1987 


FT UNIT TRUST INFORMATION SERVICE 


"*• M„_ 

Ol* . 


" '•■e 


Eoretax Investments Ltd 
1 Mini Stmt. Sonata, life M Mw 
UK Agent) FIS St Attorn 
twxui ln.Fi. -W .J4 MUM 


mx/Aiva 


r .. 


FFM Futures Fata Ltd 


PO Bn T j H7 _ ix«xx es* *J»<i 2« 


Kautbret Bank Ltd 
41 Bbncmgaw, Lawton. ECZ 
Hnibn Pacific Fund Mgmt Ltd 
7130 Coomefn Centre;, Hoag Kong 
Ai*ir*li» rd *oij) « — Kl2 95 13.1 

StAteFdAOHIJO. 

Jaota Fte A/efl 2*_ 


Lined Brothers 4 Cs. (Jersey) Lid. 

P.D. Dm 100, St HcfecJeiKY. C.l. , 0534 37361 



Fv East Growth Fm* 

FUWKy bunatfonl 
9 ieto SL St fiafto. Jjney, Cl 
Datem 33202. TO Do* HO, Hambwe, 
mmiHsi tone U> a — I P M- 7 1 UbJsi 

AtoVMHCtoktarSl-J m« 

taW n WN»;fc33- ^ jpu* 


Hutm Fd M «n (Cl) Ud 
POBM8fcCoertB*y 
UK CnMUi Fd. _ 

5p*«U SIB, Tuns 
Storting Mm ' 

1 F 1 


tgntMial 
■MuMiyfOMW^H 
ootw Sara* frun — i 


M — 

FlrtMTui—. Bill 


JQ196 


Frame b> 

CMhMMnhl 
ir miO—ej M it- — 

Orwi Ftora ca — El" 

PMdDchl — B P ns 

SwU tnMhlli b-JO.46 

Wwiii- --TTSm-iv 

BBfUlM- ■■ ■ ■■B 77 -7 

M ta.ro. (it — J12Z.4 

SFfe*dM.Tu7>!l JS9 0 U 

swrai ibokm ixt — tuio izt 

First Crmrert&J* Securities Fund 
2 Daskswd Rote LwemMurg 47911 
HAV*Ml2fi ! I S1L24 1 

FImIh linns 

UMMA4»^ v 2SCcptMA«^l 


Fortes Securities Management Ltd 
TO IM 887, Cnnd^Caym*^ BW1 



0481.265ZI 
LOS 


, MS 

120 Do ...... 807 

. . . UH3. -... 6.72 

ZED 134.7! ..... 7.14 

SI* — 0J0 
Lta - - — 

2.T — 

Ui 
Obi 


5JB 


innd MUM — 


JJMBM. FBM. 
LazardlK. Ik Hi 
Liard In lot. U 

Caa6wibhM_ 

WMBMIhU 

DTUBradUaX 


La Fewk twtemitlosal Cngo 

Lhydf Bank (CD U/T IHjn. 

PO Bn 199. St Hrikr, Jentr 

Uct#jTjl WtM — W2J 

UoteTrvHDIh. 


05 


227-Bta 

rOT-S’ote 

WhgUai 


I - 


053127561 

..„.r ms 

h-Julu 


North Star Group Ct C oi n panic* 

M hntaMn ImnaM l UiuiMst l SA 
25 Bvd. Royal, Ltuenbanq Tef 46275 

UW iDKrlTU 

Ln Ku tad^^JDRrUU UL 
HI0 PmI. Finl..~.._ioKrmO — 

BoaaFrad 

S«e»dUMlUuFB__lDKrltnO 
Sew Hy nPafcne F fljmtrlinj 

Norway Fund Management .A/S 
5M0PWK 29 0154. Odo 1. Tta. LIBIDO, Nonw 
SU Nanat ft* Fd^jFFr2D4J4 UOQ3I T — 

oppuftttmer Securities Ltd 
66 CarouSL London, ECM61E 


01 -529 4146 


-J - 


1M 

& 

MO 

& 

5J0 


H nttt 2000 Limited 

WaMngtm Km, Utea Sv Si HtOar, Jtnty 

HMU20CC , l SUL48 I — I — 


Lloyds Bank Geneva Switzerland 
1 Piece BeLAIr, CH-1ZU Cenewi 11 (SwteeriMO 
Tet 01041(22) 20 86 11 (M. 294) Ur Mm 

Udfib IbCT De*w. §11155 USX 

Liny* loTI Eonet ^EFWe.9 ISM .... 
Uw«iiri6roMbZ_ccrWj mi 

HSS iSl'SjSSfta— ESt^ mk 

IBM 

LMte'MterterCn-SUM U.77I 



fr^SiBaiim3£iiasi«fater« 17*20358 

Xf =T= 


- PFC httefuatl PanfaBo Fd Mnot Ltd 


Lloyds IntL H*H} Market Fund Ud 
PO Bo* 13L St Peter Port, Gummy . 04B1249B3 

ULW 


j Wfama Scndtearfan Find Ltd 


Tjoan HdOM, Do^tML lOM 
ScaMUMl FdAor 29 _D44J 


0624,24m 
I 2X0 



a<i»i 

Ken deittw aw U*r 6 


[2sS 

:. _ 4 lor 



Jusr 

— 3 U30 
...-] 1046 


FanriBB * Colonial Manavament Ltd 
1 Lannee Patntnrs HUL LoMon E04 
FUMUMC4HIH9 
F&CEmMmaorefOj snew 
FMNInliKtalWlO m.4) 
ifl 29ZJ B957 
Wmu> au3m 

14 Wawtral,a Kefir-, Jtner 


Henderstn Adnda. (Guernsey) 

PO Bo* 71, St Pmr Pen. Comnee 

Ul Fund ntU3 1_ 

WnrRKhw. £1082 LSTl 

BebeceoGMaS PnlM. Si-773 LN 

BUananOrOiI PnBB- tLZB 15 

SMnlHsSPnbi 5jsf* D 

taK&bmaSPnBo sufe ' 

Nlgb Mbm t Prffla^H 5SS 

Hendersea Mauagtinenl SA 

20 Boe l e m o Ew mawie l Se re in, Lue. 



London lotarstata Fund Man ai e iS lid 

PO Bk 36, St Pettf'f Pun, SotmoM01 26521 


MFM Ltd. 
aiBUPoueOarttfe 
WIMN 
inn Art* H 


MOQIio—ro 99501055 

d : 


01036221902 


FIC 




Pac if ic Basin Fund 

10a Bodewd Royal L ui e te oaie 

nnv I mw | „J _ 

I*. Afc: IL 6 L In. UagL UL tatea 

Pacific Growth Fund 

E BwlMfri KOyaL UHMbeoro , TM.9791 

JUM30 1 T H»J9 I I _ 

Parinter Bond Find SA 

^ Boaluvnetf RnrwL.U iweegbgqg } _ 


Perpetual UT Ma«rt (Jersey) Ltd 

POSo. 459, Si Hener, Jenay . ' 



_ . MorSUm,!- — 

FnM Ii Cell. lil Bewnc awl Pwd , 
*4I»& 






* 


i 



BwiKwCaAS^Md. 

YnCukSa^FnL 
DMUPSA-FOM. 

SFrCj»S4>-Pnid. 

i’kndemn Babal Straten lin«te SA 
20 BM Ennmel Senata, Loxeabowu 000352 a902 


- M6( Maud Fund 

~ PO Boe 44, St Peter Port. Cuencey 048127111 

— uSiMlI,, Eau LLTsS r7* 145 



Fi HiHUl* Fund 

dta Horn fioeen Adi ua Heron Use, 319-325 HHte 
HoOstn WC1 01-404 03M 

MAV MT TWni. |0R eWf USS1U42. 

FnuuHwBton OversuM Fund MusL Ltd 
PO Boa IX St Prier Part, Goenucy . 0481-; 

FvUMKIM | £0.9*9 0.9 

m«w6C«Mdimw)jU/46 0.7 
IPwaollo. JHL69B 



Storm* CDiMH 
VenttanerttoH* 
DU CMh PortWHaJ 
CFFrCnOPartMa, 


McOeimeh A C4 (LbhIob) Ltd 
1B1 Queen Victoria Street uwon EC4V 40D 
DtaBng Nc 01-ZI6 6387 

SSSfeT SJS 

■cOHwniSZZ-J 02.91 

HAV Ayr is, wtad FoKiiijMty. 


PheeMbr I n ter nat i on al 
PO Boe 77, St Peter Port. Geersiey 

lator-DaUv Fonl_ LJlkST 

F» EM 7 MU 

IHLCnn 
DutorfuL 

Ster.EMnptOHFd. 

UaasMFinl 

Premium Life Latcratima! Ltd 
PO Bo* 141 St Pew Pon, Coeoue* 

CT Maeeonl EtoKse; — JUfciJ 1< 

I 

WMinNWM 

1M S' 




Hu ML 3U7* 


Fr-m PrenAarUZ7. 
Fr'di Pres Agril 27 . 


^010352|21902 


- MM IntnutHml Futures 


Frankfurt Tnat Invastmut— Gated 
WleuMK X Q4000 Fraekfert 

FTtacenta- ™Jne*4*S 49.9d — J — 

Fram.tlfMI.nL. IDMUU5 1422H J — 


MU Samuel Ft Muon. (Guernsey) Ltd 
PO Bax 16 35 HUB sl 51 Peter Pea demur, O 
Cto^tyTO J&87-6 727.71 M4TL97 

HM Samuel bimbMut Seniccs Inti SA 
Jersey, PO Box 63 Trie* 4192274 Td 0534 76029 

Beme. PO Box 2622 . Tetet 912250 Tyf 4131 224051 



Prestige Managamnt SJL 
20 Boekeard Eommwci StreaiL U 
_a7js 
FFUCBM 

Protected Performance Fuad 

TJL^eM 
“nieeMy maileg ■* DwJar 

P r oildM ct Capitol Interaationaf Ltd 
PO Bo* 12X S\ Peter Pt, toenoey 048126726 


Frobisher Ftmd United 
PO Box HM1735, Ham) 


MVAwkU _K5*7 


ud 


809 2957447 

-oia - 


ciFComai 

Cietnwer irehxl. 

csriietiuoi 

Eweoaa EaaRr_ 
Need let UBaeal _ 
(total Eo*(fFmI_ 
taLCewtii. 


sun 

(FrlUi l*3t 

sf«l3 ivn 
DH10J04 1701 
1X29 X34 

S13J6 1409 

£2.917 30« 


GT Management (UK) Ltd 
M Floor. 8 DnomHre Sk MM EC2M 4YJ 
T»f: M-2S3 2S75 TctauBBbXOO 


AaACOl tderUl 

AM tat Fd Mr 10 

Bern Pec Solo U) _ 

CT ApUSom Fd Ul 

CT UraNKMl Ul ] 

CTAMFtl 
CTAjJeStmMOfU. 

CT AunreM F(L (I) , 

siissssasr 1 

CTBoMFwdtz) , 

szsztfjrtd 

CT Dir ISUel r*l»i - - 
CT tareo* FwdU). I 


CTJwmS«CmF<UM 

CTRMrto IndClFdlU-J 

fra dertoFdUl J 


CT* 


«enn«»rocU-_i 

il Sfe/m 


ITF Fd rTertaatogyl POJS 21T8 

ffM F4IH XWI.IIJ SM41 4621] 

UXCroMID n»d)ZJfc*53.« 4T9.9M 

Mat Bond PIM , 

Storflno •UaegHI }O032 lUrd 

US Dqltor MrwiQrrl . TlfTJM SU 

0,2- 


M an agero f t Munttwl Ltd 
Baafco dknw di gWgL Bwiete 

BdalBFC — IgS-OQ 2 

am ibfi — iiiffi ilQ . 

Me i ETC - 

toirn.- n«m uumd -tua — 

pnesa m Ajrfl 29. Not dene Mir 6. . 

&s = 

Mamdn intcwtiotul Ltd 

Portiudltie, BafianBe. liieo(Maa 0624822091 

OhM leeenAocdedt—JlOkO UUl I — 




SterflM Hanged - 
US Dour Uawgnl 



PO Box 92, 51 Pefar Port, Coemiar 048123961 

a— ■*- — -mete 20301 *OUT — 

*tud — 
*oi3 — 



For otter prices rtag 0481 267269 

Prudential Inti Ffamuce Services Ltd 
P-0. Bne6La Peter Port. CMcmiey. 04811 

CrmMFiM iOlM 122.* 


JeoiMM Vm Conrotr _l ! 

HmacOCdrttacy- 

MW Efufif . 

_ MteLMea* 

_ MnxcTedm 


(SICAV) 

&g gJ*^r tBn, I _ 

MUteid Bate Tit Carp. (Jersey) Ud 
28-34 KIU Sl, Sc HeUrr, Jersey J 053472156 

M.BLO-ewreGM— 01X9 U2.*ef — 00| BUS 

m. Be. mam bmJLJsxM ud .Tj sjd 
M. Bt. cna** Hwwerdxlxs 117* *a7l — 

MUH Iritawle lutematiiNte Limited 
PO Boe 271, Qereaway HnA QeecD Stmt, SL Hrfler, 
053*73114 



Eartmere FI 

2 M Mary ME LoodhL 


M u ga w Ldn. Agents 

en, ECS 01-6231212 



IBI Glutei Funds United 
da latML Bank of Ireland (10 ill LlmBeE 
2 0 Fmck Rd. Qottgta, lOM. Tet062449661 TcMx 
628270 

HMUiMeiM IMJM It 

iw n wni ta*y- 
MwwUeui Boer- — „ „ 

Ue negxdCe n ni xr BUX 


LC. Thnt Managers Ltd 

- - - (on 

IH.CNMMWMTR — 3196.9 209* 


062*25015 


The India Fund 
IM Treat of tadu (Portfolio Moger) 
s« Merrill Lyndv U9Cwnon SL EC4 
MV 97.7 UMI Her 


01-382 0993 


1.19 

a ibdlLliUM 

S£i„,u ilfKj « 

— ~ — T‘" *5- 

Jmee Warmn Fd. X 

HtoeKMfM 3)7 2*9 17, 

eeenorrdinnt J9.9T 19 

Skawm Tnnf -1— _317.7»i 11* 

W iwifai (tengsnjirMI lx) 

ssr“)£S& 53 ^°= 

Assicmrienl CtNMALi SpA 
PO Bm 13X Sl Prirr Port, 6or«nej£ Cl 

(SSKSSffirfiSS S 3 r.:l : 



IndcMez Alla Inrat Services Ltd 
2606(7 Oae Exchange Sowre, Miwg J6»g. 
Tat (51 21*251. The 61413. Fax r " 
o*i> 




S17JP 


PO Ite- raejgug^rarwf 



ISM ss 

Gn»m<C&D) 


Putnam h ae rat l Bial Advisers Ltd 
10-12 Cork Sl, London W1 01-4391391 

Ei-oHIUUd— S13JB 

Eiprg. Wo. Sec mOQ 

Nigh IkW 6N«4A_ S9Dh 
leunotloral Fend SUMS 

Quantum Fd NY Curacae 

117 BMswtgaic, London, EC2WTO. O1-283208L 

W»M Trade CceBe. ArenenOn , 31-206241*1 

CxxJXnm Fond JJ15XOT UjZSl I — 

Buastus Fund 

10a Mend AaynL ) mmxhnoig 

QBXOMFmdHAV, 1 J15X6 I I — 

taHterfHelmoM Cnnwradltles 
31-45Grnkxm St Loodon EC2V JLH . 01-6004177 

MMnteFWdMAV, sm*9 -1 I 1A8 

Mnl iMBag den Karl. 

Gteter luUnmtienl Managemnnt Ltd 

TO Box 208 S« Peter Port, Cutonvy . 048); 

DhM ImcL Ewo SX79 2.9 

lhiMM.IXULF.Caa 4U5 

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* * .Gematr . 0481.267*1 



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PO Dm inn P«nr Port. Goenuer 


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2. Banlcvird Rote LoxwWows 

SSSMffisd £25 

Intematinnl Spcdafify Find 

aaasssMH 

mvextfsscmaits Atintigues SA 

tatectn Investment Mana ge m ent 
29a Braid Sl, Si Hetei. Jenej, Cf 
cm Croat* Trod ti 1 " 1 

SRSSXsak 

Jerdhse Fleeting A Co- Ltd. 

CPO Bo* 11448L 

^JwnTnat*—. 

^ JmexSrxexCA 
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Minerals, Dlh Res. Sin. Fd. Inc. 


I =J - 


053*0830 


382,47991 
J DAD 


POBm 194. a Heller. Jersey 
Mira Aon 90 hlA.40 


15211 


053427441 
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Mufti-Currency Bend Portfolio 

2 Boa lewd Rote Unwimourf 
NAVAM29 I J2L4S I 

Murray, Johnstone On. Adviser) 

163 Hope SL dmgow C2 .041 

Arorrtc* CMS AWl 30 ..{360 27. 

JaBm&O-oiAWiM-poFJb 224 
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NEL Britannia M Ass Ltd 
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6X1 I&7A 

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KJL ktay 15. nthg. nwy WM 
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OffFl BFr B00J7 

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J’AxaraUiTnsi^ 

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Leopold Joseph 1 Sens (Guemey) 

A»m nook, 51 Peter PnrL Corraxy 048126648 

L J 6 ■ C toii.i J Food 


NM IncHM A CwtJi Fd 

2 floutward Royal, Lnemboorg 
*wii»- - J SMJO 


17 Bridge 5* SjOney 2000, 
Fhe Anon AM. E«. _&LU 


2A*> +OXOI 


19 


LONDON SHARE SERVICE 


BRITISH FUNDS 


Price 


‘-"1 brt-TL 


Wgh^Lnr i Start I £ i - I brt. I Red. 

"Shorts" (Lives up to Five Yean) 
ittw 
100U. 

97ii]Treas3pcl9B7. 


9/1* 1 ran jpt i-ror _ 

mrr«i.l2peTS7, 

97 j) Trtll TAipe 198T 
99(pExrt lOJjoe'Bfl 

98 JlfTreas *#\pc Cx '88 ... 

93,' Trdnsnrt3iK'7Bd8 
98iTr*2n.9ljjx:m 

101,1 rr(Hll>ipcl9d9_ 

97iJ rre»9ijgcGml9e9 1 

59 1 * Tran 3«) 969 

99U rieasl0ijKl989-. 
9EftEuJa©stl9M.„ 

1D0H EirtllBCim— 

89 A rrt«SKlWM9 
lOO 3 , Exdi l&'xxCv W . 

1(BWiw13k1990^^ 

00|I6atiinMM“" 

104^ Ex«l 121^0 


CUffrasSt 1987.90C _ 
97wi 


lOpcC* 1990- 
Bl l lbth2l«cl990 — 

103MTrrailX«pcl991. 


871. Fumffcg Vac 87-9W — 
BtPi Treai. 3pc 1991 
100A Treml0pcC»'91 


lOseC.'Qltf 1MA+: £ 

Hoc 1991 — J 10BA+? 


1M5M+A 



18J0 9.45 
UK 7.13 


1LB1 

7.79 

1031 

9M 


830 
BM 

831 
838 


33.2 630 

939 839 

10.99 BM 
936 Bi3 
331 L43 

ltUo B.71 
9J4 838 
10.49 868 

527 735 
934 7.42 
1X79 865 

10.42 868 

11.42 870 

532 637 

831 033 
964 8.72 

225 8.40 
10.76 8.77 
614 764 

145 6.76 
<>22 739 

10X7 8.75 

1LM 8.78 
936l 8.79 


Five to Fifteen 
10>3 JkC*1992)*_J 

1063 Eh*.12Vc'92 

1113 Ejtcfe 13Hfc 1992 

97B freas lOpc 1993£ — 
108i!TietBl2‘jucl993tt._ 

FMtagtpcl993n~ 

114 Ireml3V|x:1993at_ 

119A r«as lUmc 1994ft - 

113(1 Exdi l^jpc 1991 tt ~ 

f T rats. lOptLn. 1994- 

Ercfl. L21rocl9«M 

treas 9ie X99*tt 

Tress 12 dc 1995 

76 Eich3pc Gas 90-95 — 

98-1 Esch. MHtpcl995 

U2A rreos 12te 19954*- 

118a rKas.]4pc% 

92 Ji TieBs9Kl992-96t;- 
12M, Treas ISVpe l«>tt 
116 A Exdi XSAinc 1996 
81** 4e O e nwa o n 3pcr 
9611 CttnenimlOpc 1996. 

1164] Trees 13**pc 1997# - 
|J 100 Exdi 10125*1997 — 

90yTreas 81 uk 1997Jt , 

39arr.8LM'97B(«0pd)«-4 
W, En* 15ccl997_ 
iota 95h Eafa-9tipel99B_ 

B7i9 78H rrm6\pcl99M8tt_^ 

‘ 13H Trms. 15i«c -98» -^^1 

10911 Exrt. 12 pc199B 

95,1 Ims9*»cl999tt 
HIS Exck.lfipc 1999. 

101 Ti«il lPjpc 1999. 

99A CMMfdaimx 1999— 

30 rrBJ*oc2000(30pd>-«_ 
916 Cwwwsl«i9K 2000tt_ 

117 ji Tnas. 13pc2000 

98 A Tress lDpc 2001 

1216 Tress. 14pc '98-01 __ 

96A Conrers»o9\pc2D01 
noAEjB*.13geWJ2 


wv^sssaszi mu ^ h 



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s?r x 


1 


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9.99 909 
9.47 930 

939 900 
8.72 832 

889 883 

1086 9X4 
9X4 B.91 
1036 923 
9X1 891 

9.96 9X1 


Over Fifteen 

96J)|treas 9l«pc 2002 1 

96 (Exch. tee 2002— 

123 ffrws.l3tec 200043. 

98AjTreasl0pc2D03 

'teas, lltac 2001-04, 

rMS.10pc2004 

S’jpe "99-04 

Ion 9>|gc 2004, — 
91*1*2005. 

103 A |E<diX0>3Slc 2005 

118 ffreas-Uigpe 2003-05, 

83 A fTreas. Boe 2002-06#. 

97A jConwrsW 9Loc 2006. 
lllWf«»-UL»e 200307. 
87JjfTrW5 8>iPC 2007 # „ , 

HtBSSEXM 

aZVTrtdS 8pc 2009— — - — 
6UJTmsL Site 2008-12#. 

81 grms.7Lpc2012-15#. 
UBBExdL 12pc13-'17 


Undated 


Years 


OMSK 


1021 9X6 

9X3 887 

961 8.98 
9X1 887 
682 8J04 

9.00 886 

8.91 885 

9X6 887 

936 8.90 
86( 8.75 
981 886 
9.47 887 

8.7C 8.75 
966 8.90 
9.16 9X8 
S6C 8.70 
886 859 

862 8-71 
9861 881 



19S7 

m*» Low 


BRITISH FUNDS — Contd 

+ orj YMd 
1 - I Int I Re 


Stock 


Prim 

£ 


130 Al 

aS 

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ap 

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103A 
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ft» 

125ijiTrMS. 206-08 I297X), 

... Do.2pc J 90 (333.91. 

•CeJ Do. te *92# 08581 _J 


U9.V 

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98 

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Do. 2x'9b 

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Do.2ijoc"09 1310.7) 
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Do. 21206-20 132731 



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Pr«peaht real redemption rale on projected mflaion of Q) 10% and 
(2) STL ID) Fnortt m parentheses dxh> RPI base month for lata nd 
re 0 months prior to 'mat. RPI lor August 1986: 385.9 and tar Mated 
1987s 1006 (rebate! at 100 Jinuao 1987 conversion latter 3.945) 


INT. BANK AND O’SEAS 



D» Ballou 2010 

DhBkKmgcLAlonJ 
13>te2010 
Do. U*jBCLri2015_ 

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alaysla 12 (*dc "88 

14Vcc 1987 

Do. 2006* 


Do Hoc Ln 2012. 


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CORPORATION 


NG !SSU 

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1 

108 1+7, 1 

9.4rt 

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uwJ3+£ ! 

9.7: 

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9« 

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1Q2W+’; 

9.41 

btat; 

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100% 1 

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10XJ5 

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101 L 100 7 Bunt it 13K 1987 

92 82i*KLi: 6LK 1940-92 

994 97 1 SHertj fc-Vx 1985-07 

13U3 121 yLertsO»te 3»6 

. i3>wliTe4. 

9Qij 971J.CC 5Hflc-fc87 

92W 88 I Do. 6(, K '88-90 

30 X 25 Do. 3* -M Aft. 

113 105VM*mhestefllite2007_ 


LOANS 

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27 

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937 

9.76 

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927 

9.42 

4.45 

11.16 

U34 

864 

971 

9.76 

9.70 

965 

12X8 


1243 937 
9.71 463 

1360 1X46 
7.46 910 

684 B.70 

10.42 1002 
1296 — 


734 960 

lO.Ofl 

1020 1080 


100 

100 

100 

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looy 
101 U 

101 Al, 
loiy 
101 


COMMONWEALTH & 
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LOANS 

Building Societies 


100U100 


99 , 
9»4 

99 

1KPJ 

1001J 

100 
100, 

100 


104W 


103^ 
W7 
95 
112 
92 , 
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■ride 9%pc 18387- 
Do 9»pc 15687 _ 

Do 906787 

Oo. iBliiie 27.787 _ 
Do. 10>te 17887 - 
Do. 9%K 7.987. 


Do. IOAk 21.987 

Do. llVoc 261087 

Da U<te 23X187 

Da 11,\ pc 21X287 

Da llitfc 18.188 

Do. 1011 pc 15888 

DolOlte7J8a 

Da3%clLLn2D21 

Public Board and Ind. 


100irf+A 
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100 
MOA 
JM .'.I 
101,1 


10l\x+if 

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10013 


Z00^t>( 
101 


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981 

964 

981 

10X1 

10X1 

988 


930 


738 


9.91 

9.44 

937 

4.48 

960 

438 


1084 935 

1163 934 

1131 9.43 

11.42 980 

1UK 93b 
10.71 9.4b 

10.41 9.45 
3871 480 


B7 lAgric. Ml 5k *5989 I 89 j I 562| 

40 bin. Wtr. 3pc ’ff J 42 L I 7X4l 


10.75 

1061 


Financial 

99 Imta Ind line UnLnU8_J 102h 

5021 Da 11 \k (JnsJLn. *90— 104 .._. 

831; Do7WpcADb89-92 W, 

106>] 0al2iteUn.Lii.1992. UOi; ..- 

81% Da 7%pcA *91-91 92 

89% Da 9ocA '91-94 100'X.... 

A5U Da 8%pcLn "92-97 J 99*. .- 


10.73 7X0 
1X30 1020 
768 8.70 
1131 980 
788 860 
8.9b 8.90 

0.93 &45 


FOREIGN BONDS & RAILS 


1987 

High Low 

25 20 

25 20 

25 20 

25 16 


Start 
£Moe»4lte 1098- 
Da 5K 1912 — 

00.5*1913 

Da 5**25 Bonr_ 


Prior 

£ 

23 

23 

23 

16 


Mir* 

Gross 


Red. 

Held 


FOREIGN BONDS & RAILS — Contd 



7peASL 

Da 6* 2850 Ass.. 
Do 4 k MisMASL- 
long. "24 Ass.. 


ttijl 93 


Quebec 15oc 2011. 

Iceland b%K *03-88 

0p.141<kLil2(U6 

|r*taod9t,**91-4b 

6* "SMB 


Price |+ or 

nv% 

■to. 

£ 1 - 

Grasi 1 

YteM 

4Mi ..... 

330 

18X3 

44 L.._. 

3 

IfsJJX 

<7 f 

? 

1476 

h«4-- 

775 

fSflh 

“sm 

15-DQ 

10.04 


14S0 

10.73 

TCI 

9.75 

925 


AMERICANS 


1987 

High Law 
*1, ' 

17 
30 


64 [ 
50% 

17« 
63 J 

23* 

6lo 


Slack 

32%|A6iKtt Laboratories! I 

13 1j»nBnMnlH.F.l_ 

24%lWcMn_ — . 

l^WtetegiMUL. 

l^JAmSahi 5cZ".ZrZ 

53%lAmer. Cyanamu i5 _J 
39‘*|Amer. ExjWSS S060_J 
10 Iaiw. Medical tm Sl 
l^jArrwrJKmXiT.Sl.J 

ltaiCnhmw^^ 

«7p IgArltfTrtha 

7 teaiAAowrtcaU,; 

. 25%tBankers N.V. UO 

I4Hq ISASIXCota 

38i^eH Atlantic Sl 

4'*wBethMwni Sim S6 J 
lQUBta-Rad Laos. Inc. 'A'.J 
21W6owaterlnc.„ 

16 bnnmtog-Frn'a 1623c -j 
24,;lBnimwidi— 

r7’(jCPC Intni. 2Se 

18 CSX Com U 331 00.. 

lBHJCaiFed iron 80 

3853campafll Soup 30c 

. 27i]lcoten><llar Ire Sl 00... 
|374o CefAgy Cora 25c. 
2H||Cknr UanhalUi 5123 .1 
24%IChrmial New York 1 


36%|ChrrtierS6 l 4 ZJ 

29,*.|CltreaniS4 

92d ClryFrB Fin. Com 




32'j>d*l 
6S7U 1-16 

OT7p h!3 


■ 01140c 

iCom.Sl 1 

iGrnerai 

FDfrina- lock Medical J 
83%l 711 }IDh£ BraPstrtetSl-J 

55%| 4411 Eaton Coma 50c I 

22U 17% FPL Graroi 5001 . 

12 y 1DV Fairmont Fmanoal. I 

22|3 1511 First CWta* 55— 

55^ 40[| Ford Motor S2 

271J 23AUTV62ijc 

‘ -EJectKIha I 

tjtflOo jKnwral Non Cam SI 4 

.. 33 .'tldtllettr Sl 

15%| U £l An Furr Si® Bk Sl -J 
36V| ZBUGLWniemFUi.U. 

20 ICreyteinii SX50.— .. J 


1J1BM COrpn S1XS , 

16% iC Indusrrln _J 

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SUM - 
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5X16 - 
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26 

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4.7 
4.0 
32 

14 
317 


29 


Continued on next page 


Sdtrarier Mogt Services (Jersey) Ltd 
PO Doe 195i Sl Hetler, Jeney 05MZ7561 

Sckrodn Kmj Faadc LBd 

* " E2DX630 9.07 

3*7457 S»3 

UHS5A0B1 2*9 

5Fr57-531* . — L2H 

V401O43 — J 003 


USS 

D-Mark. 


J. Henry Sdumder Wags ft Co Ltd 

120 Own*, London EC2 01-9826000 

toninTrtJanl*— —J SSL53 | .... I 0.90 

CMamtaMrtlJo -J lUh ) — .. IW 

-- 1 ”" 

Narawd Tk rovr 30 _J 4215 

Schraders Asia United 
25th Floor. 2 Exdang* Sp, Hoog Kong. 

Atian Fliad |SSJ’ 

Cwraroa A BM m IM Jsi 52 

Csrrmcr A ham Fd AaJOJO 

HMM1M — □Btt 


- Scimitar Worldwide Selection Fund Limited 


Ttartitoa Management Ltd. 

16 Finsbury Ciran, London EC2M 7DJ 

JtaanUaFnia «3 jJ MJtUSj 

£M*ta CroMder S30-1B 

EaiflSMrirto Troa 12.11 

euragn* Dan Fundi — S10-CB 

GaMmOanFM S13JW 

NKGOmCalnarFd. suutb 

JronnFond— SZ242 

utw Dagm Find SILK 

OrleMJIlKFM SZUL6 

PKflKlmFdSA CHJ9 


Warburg Inratmeat Management Jersey Ltd 


01-2567233 39-41 Broad Sl 5l Hrttar, Jersey, Cl 


Mem Cm* Hka OdTO 30 K605S 
MemriarWcAorJO JB28O 


MHahTnl AortlU, — 102*3 
UerwinAoniJO — -] S79.73 

Mc«c uraosM Apr 29._iSZ3.SB 
M i r o r t Far Eigy n 


0534.74715 
X41 


SJ4 


Money Market 
Bank Accounts 


— Japan Find Aa-i 30- 


£5024 


Pndl-c Fun Apr. 13a — Jt43£M 

Merltarf Hbucj Martlet Trost Ltd 



PO Boi 330, Si Metier, Jmey 

ftetr dm Ftart 


0534 34373 



Scrirtigeour Kemp-Ee* MngmL, Jersey 

1 Chnrtoj CrotL St Hrfler, Jene? 0534, 

‘ “ 31 -J “ 


Tokyo Pacific HoWtegs NV 
InUmis WaiagEmmt Co NV, Curacao 
NAV otr Ikaro S2C280 

Tokyo Pacific HMgs. (Seaboard) NV 
MhnB M an ageme n t Co NV, Curacao 
MV ptr non D47.9B 

Top Brand Fund International 
Managers: POBoilSa St Keller. Jency. 053474715 
Tap BfMdFd toll NAVj 1057*0 I . .1 — 

In M Mrrowy wumarp m Nnp lanpn 

Transwerld Bond Trust 
2, Bovlnart Rite LftMUni 
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EmumnFia 
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Narrh towt Fd _ 

IMIN KlPDtam Fd 


Warburg In Mognrt (Isle of Mao) Ltd 
1 Tborus Stmt OoirgtB, Ideof Uaa 0624 2)956 


Gr Eouto 

.... _ ... . Grow . _Nel CAR Ini Cr 

ANZ Finance High Interest Cheque Act 
Mtoena H», MonttQueCl. London, SQ 01-35 2576 

I25IK2.SW >30 5te 7.9rf Qtr 

OJOO+ —3xo 7XS lOioS Or 

Adam & Co. pic 

22 Charlotte So. EOlnBom^ EK2«DF , 031-225846* 
Fidl Senkf Ca Acc B.7D fcjW Olr 

Altken Hume 
30 City Roan, EC1Y2AY. 

TreuaroAct J?J3 69U 

utMtoCra acoJLsooo _hin arn 

Mu IR Oft£5JXX)+j925 6.4]l 

Allied Arab Bank Ltd 
97-101 Cannon Sl London, EC4N SAD 
— il 0.12S 


_ NICA.H1CMA- 


7621 


016262046. 
1CLBU UU 



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_J _ Wordley Fund Managers (Jersey) Ltd 
UK Bk. BMaOrennUe W. St Heller 


_ Tyndall GuartUan MMMgen (Jersey) Ltd wwotr toPHTrut — biz; 

“*■ “■ ■■ “ Wjnfcy GiK Fund fl. J5 


2 New St, Sr Hal lir, Jersey 
TOfSL 13*2.9 


-J - 


NM Schrader Flo Mgmt Inti Ud 
tar 273 after Port, £*««« , 0481 

Mood. Curem* JEAA33 b.TU 

t ran l«+r*n_ .JlJOM 7J9S 

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tettUdeetl p« 5 Fd._40.WB 10 

irtrodor batata Setoctlm Frotal* 
W HW iFl— . -JllAW LT&r*«0U| 

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Royal Bank ef Canada FBwh 
me Otfmon Fuad Managers Lid 
M Baa 246, Si Pwer Pwl Cserawr 

Ini locator Fd D3X* 1U' 

inacadaiFd ■ rt+axh ax 

NertPAneneaFd B12X* 13.1 

For Emi A Promt Fd — psaab J2. r ~ 
CanadtonFiL I_lcSlA4r 


stout iBternaUMsal Trust 
Fbnd Mm Korn (nest Trait C« Ltd 
eta Vkken U Coiu Ltd, Hag Wlllton SUM. London, 
EC4 01-6232494 

NAV Won 22.914.79. IDR rtro USS14XQU9. 

Simms IntarnaifaMial Fuad— SICAV 

2, Bopl««ard Rote UuonNmus 

NAVAprOJO I 11041 I — J — 

Singer ft Friediaarier Ldn. Agents 

aNe-SLBahBOsjBW.EGUMHR 01-6Z33000 

Tekr*TuNAVA»1ll-J S1S.76 1 m 

Eiatltor Cx TM. NAV -__Q*aD —I I 3-00 

Sksndifood 

S 106 40 stodenpfen 8-791-3700 
haerfuUpiBi toe 


FprEamn. 
Cm 




Pormno Sri—Mamgro .11813 
Porttakplal AiMiaa-nra 

Ford DUO S*i— Fer Eon WO.7 

Portfute Sri-Eimwf»i- g57J 

wu.toe.FM — ■ 

(NptoJ. Am Do.) _ 

Oh Fa Max 

J434J 


KnptogtM RdJ)oB|ta*,> 

HI. Gilt rod Baton 
IMM Sttota) — (15*0 

Tyndall Guanten Magt Ltd 
TO Box 125 <l Hamh 
T-CAmtricu 862 

T-fll 


0534 37331/3 
043 
053 
077 
OJS 


4116 
400 
027 
1 Zt 
irm 

tss 


Wtotiro Pm Con Tu B9J7 

WerWfy Its Eqnu> ra _E 1 JO 
Werflrj BoM Ta — XJ1530 
wardtor DaOal Setocbon 
O n ir u me lam, — _Jt.7o 

Cimaa Esuor IllOJfl 

Europe Eauh, |9.9B 

HargmraEteJ- 

Jaoto Ekaity 0062 

Stopnwe A Meto)M — pm 
UKEtoly Zpjfl 


195X5 


asSUKrda JA S 5 l.r« 


KMnwert Benton Croup 
20F«roi»«0 Sl LOMIP" ECS 
*B iror m ilu i itol Fd — - Of 

MtaPf*!--. 

PuKtathOJl Grama JJ3 

Slptat Fo BetoadJ SU 

TronptoMkSttFd 

TtMnMMclHE.Fd.-.J 


610X0 




01 -62) 8000 
L23 





Ecu Bond ... 

Jwir »n BM- 

5miaa Bond ._J4 91 

Sulu Franc Bend _W7J9 

US DMipr Bona. __hj3 


Stortai Doner Market -Jl.79 
US Donar Moht Mkt . 



Bank of Scotland 
38 ThTtaUnwOle Sl EC2P ZEH. 

Hcnrr MW Cheqrr Acc-JO. 75 6581 

Banday* Prime Account 
PO Bu 125, Nortlonmon 
Wga int. COOK 1650 hJTSl 

Benchmark Trost Ud 
9 Henrietta Place, WID 9A6. 

Cap Cro DtsMlt Aa B.75 658) 

Brawn Shipley & Co Ltd 
Footrnm Cote, LOttitary, London EC2R 7HE 
9833 

Drrond Ace 19X5 6.911 9.991 

Chart* rbouse Bank Umtted 
1 Paternoster Row, EC4M7DH, 01-2484000 

Storing __hX5 b.wJ <1-851 uui 

U.5 Duiiv 15.025 4^ 5*1 Mto 

Geiwm Mirto JjiO 2jiS 35S Udi 


01-628 B060 
9J0l Htk 


0604 252891 
8.731 Or 


01-6313313 
930 Mm 

01-606 

Qtr- 


S+ltolr* 


rYtr. 




— Wardtey Invectmaat Services Ud 

— 4th Floor, HiUHMi Hone, Hong Kim 

Z W»W*»Ulkli0AL Fa —862.42 66X91 


.J 076 


Complied — - 

n IM 

11^ 1 1. ■■■■ 

iri 

'1 

JraralioWtrCaL 

EX .965 


m 


3SS 


Mt UmRM 


TO86»73.!«Hrtr,J»r»rr . 


GrtMtey Vangueril M a n et e ra ert UjSSravM 
MlmeiASdNOir.Jefte ... MJ4W3W 
MroM4FeMAdrt2...niXP7r IJ-SOIN .._( — 

SMowrototAWdJ— -4?.JJ2? SSia — i _ 

uSTltoad tot-— . *174W1 

as^rrd S??8 


Dmcmoi Cunawp . 
DoOprCernroy — 
SmengCtormcy- 
Ym Currtncj— 
Uj&jorecpmroy- 

MtorRrwnriF * 




1654*7 


lOetmrart Benson (Guernsey) Fd MbmLU 
TO 8*44, Gocrauy, cf . 04*1.27111 

6aDto»r toe . — — — Eli-g *3*ata 

iidteri 


- Kfl taLioW. Faroe 

- nuroJUJaFOAcc.r-JCJ’BD 

- n roretetfrnoral- Jil9j4 
nser 



V199.CTO 
1016 IJB9d ♦OOm} 
i.9*« awu-aom 

&M — 1 . . 

504*6 1124k — 

jy.pip 50& 

1J75 1.907 

1542 2.731 

0045 - J 

WJlS 


Royal Life IntL Ud 
Brtagt Hsl Cdtotoma Iota 

Itconp Etol Fa tt.917 

Pas Crown rOarroi ■ — 4_ .-.lu 
BotoLtoUhP*toFd-)a_m 

RirtablfQ«Fd jOim 

e*MMjtol*EouFfl_JOX** 

RsjalLitoABwrFi S2U 

eeralLrirEtosFd £020 

BoM) Lit* F*rCtatF0--AMOT 
Rp We ml Me Fd—JEDOSZ 
Saif ruMi_ 

YwafACoto 
YMGrawnra. 


♦ooi — 
+0JB — 
-root — 

♦am — 
nun — 
+3 — 

-oxa — 


0624 824151 


Sactata Geaenle Merchant Bate 
60 GraceCBprcB SL London EC3V OET 01-6264621 
FTr Item Waihe Colt —IFFrl7,742 IB. *53 .1 

Standard Bank Fund 

U4Cv*oaSt 


Tyndall International Astunnce Ltd 

04*127066 


■a ^ = 


1003) 

3 ,.J = 


DM FA- 
ST Aa: 

t ■« Hs 

Crafted Invest Maawgg r t (Sn«nnm) Ltil 
PO Boa 8b. CwmVT, ChAWl Hi*"* JSiflf?! 

SKrrr?-iga fsassa 1 ^ 

OubiMrt Mtean Fond Ugm (GnemnyJUd 
TO boa ld& St MH P4rt.Gtommw 0*8123506 

U 


_ •Qttto am taeiro ki* Mtotrv* ta proiitotoiro riroroto 
_ KhMlMamMMm . , 


2:1 - EUSStor 


S» Fm 


e ^ B 


UL38U 

S»36 

iijnra 

106201. 

10*9.9324 


SA m w g MtonSoyrv 
owr — 


SwiMg 

vm — 




Vwnhmt— -~ -J , 4S-W 

FtoHMAa/WfU 

uASMaroy — J »Jt 

iltom.J..— X t 

vra town. — 

OHiron.-- i-i, 

n-i“ r -*'** dJOtai 

LfoTO . — — dtlg 

I'rar* — 

CurttoMflf WFd - (*«■“ 

YrofBl mV* — ... r-w:-? 

Utf IM, hfiM 

MonHArontM -- - • jj'jj 
jauHAAaw* 

vSzrm — ki*« 

u«w*«tk.— - - .-32 2 
(uAPItoW— ... WJ 
UtOMirwwT. - --JWta 

S5f -to* -«*»* 

tatotol wrornmab tar trotekte m •>*«« ta 


KWnwert tensw ItiMRic Fd *»«mtLM 
POBroM.CMmtor.CI 

Htomefona — JOTS 62W — > W 

Km Growth Trost 

Manager; CWibi» kne** Trust Mgmt Co 
UU WW-nkM Joofro-KH, Seoul, Korea 
Cto aobtrt FAmto|&Ca Tel. 01-638 5058 

NAV won UfnM U 5320 50 

Keraa Hrieronttete Trust 
Pond Hand Kma InvtsL Tnat Co Ud 
co Vtskmoo Coda ltd. tta WriHn 
UM40, LC* - 01-6232491 

nav wet nowxa OR ua 05«755*XJr. 


SFtod'lPLUkFa. 

SStodymeFfl .. . 

sssffiSa. 

-Fran Dm i*. hu own* ku> 6. Dter oroton. 

NnL W e s t iuhte e r Jersey Fd. Mgrs. Ltd 
JWS Dmrtlh, 81 rteber. Jersey . HM.700Q 

ftfiFteditairi— __eS* 58 M ■ j 95* 

taanyFdUXjl 0710 1BU2 *J# 1*4 

-ttolHodFd I aKi) fell 9tffl ...I 666 

“Cao R*W«f Rk lbsll —I - 

-SW. d« «wry non. —SUk dar mMf M M 29Di 


C u ter MatWnt Cunracy Fond <t) 

I 27J2Hd 
14.7341 
595716 


Royal Trost Fuad Mnot (CQ Ud 
PO. Id* 42ft 8 H»tar, Jkrsey. . 053*76077 


LUbd ♦4XC3I &« 
7*3 tei mo 


5.43 




Luvd Bnthen ft C« (GMnmy) Ud 
TOnM2n.BPwrPart.C«mHf 0411 
umCatoirel .Jlllrta ir" 

uuri C- Pn. ra iiU_U I ta 

UnrtCv enter - 
tAtat«C#<toF40U . - w 

ssastMja&M 

sseem-ssR 1 

tmaMinraaa rtUOh* 
UtariUtoMtfpFaM ,Tp«.aJ 

taurdFi run- — — Joe* 

LiriromIUp. ^ K*2 

taaelwu. ....Jut.N 

UUM&tf Crtn — S1X94 


21367 

43 

U 

24 

W 

70 

90 

1A7 

ss 

SOB 

oae 

is 


Newport Intoroational Managem 
Bank o(B«r<ntdi Stag, .BcrmyU .809 

taa'roiro^Fa^Zld Si» 

BfLPeQW J Bia 

The New Zetiand Fund 

MtaWgK uafletaim OfWnre LU TO 

Bor TL CMlgiton Dmt, toaO Td«l Bril Vnm hJ4 

cw Roam Flntog 6 Co . , 01-6305838 

TMturte— ™^_B14** 13«ta- . x 

NMo IntL Cay. Mogt Co (Europe) Ltd 
do PO Bm 105, Cwrotrr. Cl _ DW2J438 
toaMimnFM- .-tnXO* 33171 . ! - 

Un.CMnAUtoFa.> .-JSliM lUB J — 


Nomura Growth Fund SA 
2 BoulMrti Rate luuauws 
OW AWH 


DoUto mro Ttt 3. m3 

Cm SkvTii 914 

Ym Batata April »—’K» 

jo __^«7 * 157^1 _XJ Oik 

rate 6U) Uw 7 *liM «Hto April 20 

Royal Trust International Fd. MngL Ud(y) 
PO Sox 194. Sl HcBcl Jmry _ 0534 27441 

Storitog FdtnFp Apr 3_dLD0b UJlK ,401C7^UJ 

IMBStaMStal SUV 2537, WUUF 043 

Irirtrawinpu gnan,. ■■ m 2*4 UBS teASUM 
Pncta M aprti 29. Kart ouuag toy O 

Royal Trost North American Bond Fd 
43 Boulmtd Rate UuMan 
NAV U5S9» 



Stertng Offshore Fund AdrnftL Ltd. 

10b Mato Street, Gibraltar. 01(05076548 

Pnptfty ftxmian 110.95 LOCH . — I — 

Strategic MftH* Chip pie Metal Funds 
5 Bdritogroa Cdw, LoMon W1X 1L£ , 01-7M6102 

SSiKSSfldSSS’ fflSl :;.:J = 

Stmgtold Imrestment Mngrs Ltd. 

*8 Athol Street, DoagtpfcloM C62« 238*5 

torowtad A mCct. Fo-JtOfr* 67. Ml - I - 

StnPtano ncte. Fa nara isazgl ... .1 — 

bm dulng pup. Uo 5. 12 


11.97! 

2301 

iBX 

U91 

1-985 

5025 

2*3 

081! 

538.7 
8-9*C 
3926 
6-515 

126.7 
2X0! 
2076 
Wti 

4766 

7.91 

83* 

1X8! 

244J 

am; 

3956 

6X65 

153J 

2X4! 

15*1 

m 

a9s» 


+025! 

-10J 

-D.0B5 

-<UMb 

+144 

♦0415 

-IX 

«U» 

*3i? 

icy 

-26 

+OJ 

-riUX 

+261 

+061 

-0J 

♦WO! 

+84 

+0-225 

+L* 

+ 021 ! 

+74 


-LI 

♦was 

-2 A 
+WE 
-OX 
+00551 


WectAvan Sacs. (Buemsey) Ltd 
Btepgh HU, Sl P+tor Pon, Gumoey. 

US J Opt on £UH IJdj 


Hto , 

lnurroUHiGrwtfi_JBlX 
JaolaFand —Ml 


047«. 

£3 


IT World Bond Fund 

— Hanagtn: PO Bor 190, St Heller, Jersey 0534 74715 

— Wortl Baas Fuad UAV-J 171093 I I — 

— In. Aa Ufro+r toproi+t 'i» Urirnl Lorosn 

— World capital Growth Fund 
z MaHotfK TO Box 190,51 Heller. Jcraer. 0534 74715 

‘ - Ul-l 132925 ( I — 


In* AdN Utnu+T wnwg In Wnpi Lsnoxi 


World Fund SJL 
2 Bottom] Royal, Luxemoourg 
Wprtd Find NAV I S23A9 


I +0X51 - 


World Wide Growth Managements 

Ua. Boueiard Royal, LuitnMurg 

W+rttotoCd-rd J S19JJ I I - 

to. flo»- U. A a to Hna Lia Ls«n 


Ymnalchi Capital Mngt (Guernsey) Ltd 
22 Sauth Sl Si P«« Pan, Cnerney. MSI 23764 
JteXdHdUbrantp I 51) 10 I - J - H-Wi '« Cng ** 


Citibank Savings 

St Minim Hw. Hommenniitti Crore . 01-5811422 

Upper UpffcM Pin. 7900 7XH3f 993 UU 

Far itfew ratal plun "puat boi RitaPM Htal 0629 

Cotaperativi Bank Cheque ft Save 

7B8Q Carrmiu ECS 01-626 65«3 

ESKM2.500 -A 69 Sort 7.jN fer 

£2X00 + J9J8 Tha 10X2 Off 

Bartlngtoo ft Co Ltd 

Danimpon, Totm. P*W"TIJ96JE 0803 562271 

Water MM os lia 6.771 9J1I Olr 

Hendenoa/Baok of SnUud 

38 Tnreptoenile Sl EC2P 2EH _ 01-628B060 

UmiMkLOtoWrAu. I6.TS IkSN 9 JO ua, 

Legal & General (Money Mngrs) Ltd 

355 E lift or RoaO. NW1 3AG _ 01-388 3211 

H.jfi Ito D*s ACC B.97 6.751 9.40 6«U 

(Joyd! Bank PLC 

71 Lpirtfiira SL London EC3P 3BS . 01-6261500 
q.OOQ.rx.999 — .17X0 6h£j a*l| Olr 

£5 0J&£9«*9 JT.ro 6J0| at® On- 

ClO.OCW-44 »99 AOO tM 1 1J Qtr 

150.000+ BJO bJO 14.411 Qtr 

M & GKIeinwort Benson 

MAG rii«. Yrctom Rd- CiurimsfenJ 024 5 266266 

h.icj H 2JOO+I tan ate rjoi Duty 

Midland Bank pic 

PO Bo* Z. SheHieHL J 0742 S2B6S5 

riipa In Draku JOSl 0251 076) Olr 

aoooo * Jon uol 927I tur 

M.I.M. Britannia Ltd 

va-TB FtoisCtoiey Pnemetn. EC2A UD , 01-5887777 
CiiwfiiJM 058 07® 92470 — 

NatWest Special Reserve Account 

41 Lolhbury. Loo Don. EC2P 2BP 01-726 1000, 

£2Ji:0 ro £4.994 g« 6B7« 9te Qtr 

UOOCO+nOifiw S125 7 CO 9te (hr 

Oppenheimer Money Mgnwt Ltd 

66 Cwnx Sl EC4N 6AE , 01-2361*25 

Mato UKL ica !4J75 7Xfll 9*91 SHD 

Phillips ft Brew True! Ltd 

inungitt. Lc«8onEC2M6XP 01-6289771 

Hgp ini CM Ace 19.5 7XSl UDfal Olr 

Provincial Trust 

30 AUiify Rfl, Aiu intfixm^Cheaiirt 061-92B 90U 




7331 UL6N MU 


M. G. Tyrrell ft CD. Ltd 

3 Muiur* Place, Lotaea W1 

Orue JU4.95 15351 _..J - 

US Federal Seuvtties Fund SA 

2 Boslewa Rote Lei+rotxmrg Tta. 47811 

NAV Ate 24 l *10X3 I —J - 


Yamafchl Dynamic Moot Co SA 
IDA Bexlrata Rate .Liuefflboetg 

AAMtdTKt SEJM 

Dyaxroc Getn Fd 1 526J6 < 


Royol Bank of Scotltnd pic 
42 5". Anorra So Ed Iraurgfl EH22YE. 


031-357 0201 


T51 Trost Fowls (Ci) 

26 MiH Sl, Sl H«tto, Jervy (Cl I 
tsbgic / mo ua Born 


T5B 6tKFalitrJU8.— n(f7XI 
TSE JftEmSyFdlt 17171*0.9 
T5B C MyEntoifao-l) M 9 


uaxo I +<u« — 


TH Ctoncy FMd JlOl 0 

T5B I Ilia Prnwoa 2 107 X 


033*73490 
llLOd .. ..I 1051 

ULM lOfl 

Ojl . . ( 256 
<Jrt 136 

595 

112.9 


...J a 2 


Sabre Futures Fond Ud 
tasLaOMoeSLUMH EE4 
NAV ApnlS 517X7 


17921 


Olrii^OlM 


-i -41 - 


Nomura Prudential GtoW Portfofi* 

2 B w int ra d Rtte laxenhowo 47911 
tovitorijo «;«7 l +0X1I 

Noribnato Quit TsL Mow. (Jersey) Ud 
TO Be* 82. St Ntai+r toirr 0534,73741 

FKt*FHa«iin j«u data > 


Save ft Prosper InterahtitnaJ 
PO 00x73. Si Hebrr. Jeney 
rttoi ita xiwi nw , 

Detauhsaitna hBILlte irj» 

BRr Pro. W JtaSL 902! 

JBMIM 4M> 2X2 i«7ra 

10X31 

F+t bum TO456 k9» 

bMFnmrct 577 0» 

WuiPtototoi FtoS— JS 9W 1 0te| 

mtbtota^H 015X7 19 S9 

Jtoto - , J4-21 15 37. 

« <40411 — 125* UtaM 

WCw> _3bN9 J9lS 

Bum FndUxNAV- — 21 3^ 

toktateTd -.-653 6J» 

Odte w n Iiiii* fmc 


■rtS 

D tom 

tHrri*4 _ 


BnmTrtM- - —2394 


#08 | 

nantsxi wioro 

-JOB SOB 

■ , - luxm | 


7*fiB 


053*73933 
j ♦.*» 

_ 976 

- _ Of* 
. J 11.44 


. j ore 
.1 DAB 

-! 

. .1 0A4 
..I Co* 


509 

277 

160 


P+to] 04 April 29 IMtotoltak 
Taipei Fund 

Oo ProCNtnl-Bam Caonal Fundi n; (EonKJH) Ltd, 
9 (touniure Sa, London. ECZU4MP 01-6232410 
NAV NT'S. SbtoivUfM. ION U5S156B (Her U 

Tahroa (ROC) Fund 

M VtattrlW C4fU LtA Kxhg Wdiarn SL Loeaon EC4 
01-623 3d*K 

HAV 5882. IDR M US*2a7T]J)5 

Target Internet. Mangunent (Jersey) Ltd 
POS&iMS. Strttaitr.Jtrtm. 0534-751«: 

lanrxmBU Bros Tn --^132.75 l«0irt -OSS, 

toCnwtlitd JQ2JS UKl I 0X3 

Target International Mngt Ltd 
1 7«77 Hripi Hoioora London WC1 V 7AA 01-836 8CW0 

itDGrtWrtfcf’a....- t #7* I I - 

NnidnariPrap ra . .Jto.*0 jowl I - 

The Thailand Fund 

BP Vtarort ft Ce»M M, Ntog W.llipM StoKrt, London, 
CC4R9AA 01 -623 2494 

MAV 8jb 1305.737* itM u+ uSSIl 94957 


US Index Fund— SICAV 

16 Bovk'ttnl Rote, LueFtawrog. . 7*6462384 

NAV 4pnl Z7 I 111.79 I - I — 

US Pacific Stock Fund 

15 Avenue Enw* Reuttr, Lmendwerg 

NAVApnlX I 516.91 I - J — 

U.S. Treasury Securities Fund Ud 
TO floxia.Si Peter Pan, Daermw. 0101. 

Start Tmhn J CTO* I 

FixM Incon* !um — J 5707 M » 


Zero Band Fond United 
PO Bax 208. Si Peur Part Cuaieey 
Zero Brad Fund „„ JSU.Q4 12.74! 


0*81^26260 


Money Market 
Trust Funds 


— 1-557 C 

18.90 069 4.411 Qtr 

Save ft Prmpenfflobert Filming 
28 Wenen Ra, Roralorfl RM1 3LB. 0708 66966 

M l B A 1864 65rt 1201 Only 

Tyndall ft Co 
29-33 PrtorrR Vieterla Si, Brlool 

armidUC ... — 9.38 

Hour) tou i-j9X3 

DiiOiPijiAasuni 1990 

J. Henry Schrader Wagg ft Co Ltd 


Enrrani# Hum, PortimauU 
SoMUi.UC. I8.T5 


, 0705827733 
asd +4ja un 
6.77I +9te mu 


Unico Invest Fd Mgt Co SA Lux 
London ft Continental Bankers Ltd 

2 Throgmorton A*e, London 
Urou town. Fond — IDMn.W 74.1® 

UniUfe AMDranM (Overseas) Ltd 
P.0. Box 1388, Hartillon 5-3L Senna 

Storing Mil Fe (£1X2 1X0 

ViDsii+rtoraFd . — J51X6 l-*g 
Statin F..M ifl Fd .. IlJb 1X1 
US Do tor Flirt IK Td . (il 1S„ 1X9} 

ECu&maFa .... {EfulO? 1.1* 

Bx«r» p *i i Ciami Fg. Al Cl 1 • W 

LWi iimmiI Sill Mgd.— lX4i 

Uni on-l rwertment-CeHlhchaft GmbH 
Pcwf»ei 16767. D 6000 Frankfurt 16 
UiukteL—. 0MMJ9 MW 

jiwiu JDU81SS W 7ll 

urmto • 0M37.J3 38 9rt I 

Viking Fun*— SICAV 
20, Boutolrd Emmdnnta SmoH, LuieflWkrg 
NAv Ann' 28 liM 102 53 


lirou 


C» Eau 

Lrt CAN I"t C* 


ClC.OaOjndteow ,'4X0 

ttastero Trust ft Savings Limited 

The Mcnnteir.rt. PirronUi PL 13E 0752 224141 

HigBIrtCftAR .901 7X8 ID 691 Qv 


6111 


Charities Aid Fndtn Money Mngmt Co Ltd 
Sualr Hill, Sum Cl Hewiauhm. EC3 01-283 (riel 
CAFCASH Cw FnM _JB.W *721 "63 Fm* 

CAFCASH 7-u, FWC.-X9X5 


Wimbledon ft South West Finance Co Ltd 
114 Newgatt Sl. London EC1A 7AL 01-6069405 
Hign lot CheBc Ait-^ J107! 0M 11.42J Qrr 
NDTE5— trail *w ra draw prow tnm comwavrar ta 
ui 6ft nun rote after wtkoion of CRT. Or Eavt Car; 
„ . „ , £*«* ip 4M ratt Uancrv-ronMunM anval 

6.9+ 9.9P J-fflU ratr. in Cr lr«iu«ic* wares! emmet 


“ The Charities Deposit Fund 
r Z Fare Street. Lonara ECXY 5A0 01-5881815 

_ OrpavL (9(0 9951 I j-rtwn 

— The Money Market Trust 

63 Qn Veioni it EC4N 45T. __ 01-2360952 

Cal Fora. 9X7 7.001 ? «i 6*ta 

7-dip (id 9J6 690 IS tom 

— Oppenheimer Money Management Ltd 

66Ch«h5lCC4n6AE 01-236 >425 

C+IIFbU. _“ 1U 7X41 10 10’6-MU 

7-ax, Fad - '9X8 6 9 T J. 6MIA 

Dtn*'— .JS.81 4J71 a (It 6-UI* 


UNIT TRUST NOTES 

Prices are in prw* xiRmi miy-wHr rndvanee and Owe 
aeuinErfl 5 «th no ore'll rtler 13 U S dollar*. Yietci 
°L <shwn m i*vl ^pluRinl Alloa (o' all buy-ng VMimcs. 
Pricev of tertue 0101 + mars™* i toed plan uiojea is 
csoiui gains Ui or sain, a Oiler ro grrees mdwft All 
eaaersH b Tobjs's pnc« t Vi+WtinM or drift p,«. 
d Iir-natK. t 7 Mil's aornmg once. Il DtRr«utn 
I'ff ol UK uses, v PtttoJic prcirauri imurancr glam. 

* Shgi* wungim ingraoce i OHerw pr« mcJusn an 
rneifei run: agmri conimivon y OfferM once 
e’sJwon all cicumtas ■( 60s am ttwougn managers. 
1 PronoiH day's once • Cuemwy gran, g SuapaMM. 

♦ Virig Orfsrr Jrrser »« * E«-Jvl»«V0n. J3 Out. 
available la ctunublt bo&rt. 4 Vwld column shows 
armuainM rain d NAV increase, id e> annaenL 





























20 


AMERICANS — Continued 

IW7 

»gfc Low Stack 

30 A 2ay Sara Lee SJ 

11 .V lO.VSlul'B F >S1_ 

n i u^souduMum mi n . 


.’Te'wcc SS_ 


isfW jizij! do. iobcu.St>L < «-5_| 


17V 15V5iak» Continental 
44 ,V 3oV-SunCo Inc. SI 
74 I bDAsTRW Ire. SI 'a 
31 ! 
ian,f 

26*? irioiic 

'A 

lt^rmiwiaSl , 

13 ]Sfc7r [TmnOrld Cora Si | 

42 . 

15 A . . 

15yjUraan CirtMe 31 


rTsacoSti-25. 
line Inc. SI . 
rucur 50.33- 


fe7r [TransnOrld Cent AS 

rWTPI NOVA Cm 

IS.CfatJSXSl 



- IV* In I 

151.1+'. I 
36*,al+*« ' 

Ws 

lT7‘tat . 

S2IJ+I* 

12Qtl| 

«b. 

MA+l 

??5r*A 



CANADIANS 


1987 

t*9 h Law 

23o 
21 
83p 


14V Mtmreai U . 


*m| 

609p 

& 

4Zl|j 

ZIH 

148b 

eflp 

B nW 

391 

7«fl 


St 

67bo 

Xdo 

10 

Hu 

«y 

14 fl 

l&fe 


Stack 

16b f*ABb« Energy Cora ~[ 

10>»VAin(T. Barm* Res. 
3ho lArmem 


;B15p iBh.NsnScat.il. 

l&MBCEII 

712a ffBamViUrfi — 
12V9Braxanl 


279p feBrrakwstrr Res. 

%5c tan.ima.Bk- S3 

9!9p Can. Pacific I 

Do.4ocDtbOOQ 

«Edn Bay Mines 

Eur&Ttti Canftal ltd. 
Glottal Data Syaems _/ 
«08p Manga Ewhuu 
10s Mi Pacific Res— 

781s Mull CanadaS — 

10 VHawter SulCuS 
S56o iHeniysGrtup 


37V 

16V 

66b 

32n 


10U UVMnawn-iBay H 
341? »4hrimBertaJOil0 
B24fl IlncoB 

575b 


!4g IlncoB I 

14u«'mi. Conma Res 3 

_.5p NhhUMNM- Gas S3 I 

171» jVMUKOCM Eapm. I 

74ffe IfNttil BuSrms 5rsUl4 

lOU+Rin Algom 

15VRoyal£*.Can.n.~ 

dlVSeagraaill 

UVroromo-Dom. BM 
|836o Vt-jbj Can Poe — 

1240 Want, Dm* 


"Si 


Ur 

Grass 


S2 M — 

*3 = 


a 


£L6o| 

ussLzq 


60d 


65c 
52- OC 

usna 


sna 


BANKS, 

HP & LEASING 

-I- Off Dt» 
- I Net 


Stock 

Z19 lAKZSAl — 

□47 UUgenene F1JC0 ] 

230 [Allied IrlM 
Stt [Anglo Irish 
84 EtaacMrCH.IlB—I 
E33 ! ;|Bjnco de Bilbao S_A_ 
£23i?Bancode Sanunder.. 

143 Bar* Ireland lr£l 

tuVBankLemmi 

240 lBk.Lcum (UIO£l — 

345 Bank Scotland £1 | 

6fi want of Wales— 

4B4 BarckmQ 

45 iBendmur. 20p.. 

558 
101 
290 

137 . 

I £17V|Cvnner:tk I 
(£23 C'hgn.HK.ft 


Q48lj[-eii! QZ7%fV. 
"" “+7 T?g0^lrt32» 
101164^ L4 



270 
147 
43 
•384 
201 
iujy 
260 
521 
■73 
568 

m 

642 
5« 

763 
404 

138 
674 
432 
245 
■640 
030 

S3 

163 
84 

164 
337 
270 
930 

aio , 
£ZTV 
042 
102 

139 
915 
07^| G7 
227 
422 


202 
111 

35 [First Padllc Hhfg — | 

298 (Garrard 8 National-.. 

173 tioode Dunam 5b — I 
88VGuimssPeo 
235 iHamOrOSZOp . 

348 Hill Samuel — , 

59 HKASncg.HKSL50J 
473 lloutfittjMia 
134 |Kjiyg 8 Shwon 20o 4 
450 Metowon. Benson L. 

440 Qjojdstl 

572 fiftapK 

347 Mercury lltli, 

122 Do6oc ACffirPH — | 

566 Midland £1. 

3bQ iMcrgan Grenfell Q J 
187 [Nat AesL Bk- ASl 

536 [Mat West Q — 

[□23 [ottoman Bank f/fl [07 7 

70 IRra Bras. Group — 

137 (RndccMIdUlHIdgS. 

67 Do. Warrants— 

141 Rmlwelh 

298 Royal Bk. dI Scotland _| 

Z36 Stawflwn* Bk Uric _| 

70S SdmnlersEl 

590 Dc.na/v 

m.'.See. PadflcSlO — 

728 Istantard Chand. £1 . 

75 , 

91 (rTSBCkwell 


60»J-*r j 
568 +10 


[+4‘d 


'"Sli 

uadu 


680 IukIwiDbcouikU — | 
HH Fargo S5- 
196 TWestoacSAl 
290 ft«mrBST2Qp— - 


1-3 


T* 

Gr>s 
5J 
SA 
56 
7 D 

33 
26 
16 

5 2 

64 

46 

4i 

56 

2.7 
23 
16 
63 
13 

35 
6 D 

1.9 
32 

5.9 
69 
55 
LB 

32 

3.9 

36 

4.7 

34 

63 
39 

45 

3J 

64 

53 

3.7 
55 

46 

63 

23 
43 

36 

4.4 
4 2 

24 
23 

33 

5.7 
45 

3.4 

64 
33 
61 
18 


rv 

Grt 


PfE 

7.7 

£2 

154 

126 

* 

4.9 


4 

• 

5.9 

2B3 

124 

1271 

Z2 

Hi 

43 


162 


63 


65 


44 

8.4 

1U 


,65 

2L0 


Hire Purchase, Leasing, etc. 


(KdgjllOo-1 68 
240 
£771, 


74 53 , 

240 132 toms Lease rmSOo- 
UQf* E77 Cie B'cre FrJOO — 

34V 29ij£iaaty 3 Gen So 

90 75 |L»i. Scat On lOo _) 

84 61 Moorgate Merc 10 b. 

393 278 (Prwt. Feianrlal 

555 MS IWoodcheaer IR20 bJ 


1+5 


46 135 
04 I * 

13 
38 
4.9 
29 
4.9 

14 


130.4 

123 

293 

12.7 


BEERS, 


WINES 


410 

9671? 

■761? 

1«5 

577 

171 

208 

726 

515 

233 

168 

412 

402 

253 , 

J3* 

338 

113 

0246! 

79 

181 

208 

396 

995 

130 

416 



540 Brown 1 Matthew) — | 
136 BitOiley’i Brewery— 

••• H.PJSb 

lBrtO"wttCldB»Owen 

I Matthew) | 

ItfiUJUSp— 
140 Oo*5ocC* 2ndPf_, 
376 Ettidje, Poof - 4'tl— 
340 tfuner.SmiUiT. AO- 
187 GreeaHi Whnley — 
lOdj Do.5 95peCvPia_ 


39 

264 

Greene King— 

Gu mess 

92 

Da.S-'aocCm Prt_ 

uot* 

Do 8 , .pcC,Lu — _ 

68 

Hrqnlond Drus.3fe_ 

UB 

Imergordai Dists.-., 

:«5 

InjhDIstmen 


371 MacaHaaOenlhret—l 
925 Macdonald U arte ‘A’ 
113 [Mamon Thompton ,_| 
__ 370 •fMerrydowm Wine ... 
550 I 345 [in or lam) 


» 

352 

335 

385 

333 


348 

280 

27b 

4b 

441 

52 

125 
210 
295 
728 
175 

69 

175 

205 

•220 

405 

m 

£20 

859 

308 

245 

135 

90 

IB 

ISO 

204 

32 

2S6 

183 

633 

634 
Z30 
157 

39 

227 

31 

189 

162 

225 

175 

126 
223 
114 
134 

76 

465 

218 



2771 Jwod,. & Dudley 

274 ,Voung Brew’A'SOpJ 
235 I Do.NoaV.50p 


SPIRITS 


T95j 2.4 j 34 [15.7 


136 25 

1 2.4 


175 

30.4 









572 

+4 

14£ 

10 

X4 

22.7 

313 

144 



16 

24 

2B.1 

327 

ua 

*1 

15^ 

za 

3.9 

144 

va 

726 

+1 

10.6 

24 

24 

22.7 

175 

472 


811 

i . 4 

23 

1/.4 

1 

220 

-i 

27 

44 

U 

1X5 

235 

153 


4IA 

3X1 

44 

— 

450 

405 

+4 

U 

X5 

24 

163 

627 

J9S 

-2 

th4.1 

50 

14 

B.4 


2S2 

+1 

si 

34 

30 

146 

186 

136*; 

♦ Z», 

5.G5°t 

— 

64 

— 


358 

+4 

f5i 

33 

ZX 

192 

30 

930s 

+4 

afl.U 

* 

3.4 

* 

322 

107 ' 

+*] 

5.15*, 


7.4 


93 

E126*. 

+(» 

Q8k% 

— 

(6-5 

— 

408 

7«ht 

+1 


2.4 

34 

153 

630 

174 


52! 

24 

4J 

114 

50 

IBB 


a39.r h 

20 

3.7 

126 


396 


384 

3.4 

13 

267 

250 

995 

+2 

19X 

6 

ZI 

9 


129 


tZJ< 

XI 

14 

183 

208 

416 

+6 

163: 

il 

14 

253 

175 

524 

+2 

If. 

19 

14 

257 


2*5 

♦ i 

t7.ffi 

23 

X9 

140 


Stt* 

-74 

tgl23 

7.1 

37 

1X4 


.347 

*2 

171 

26 

33 

15.7 


335 ir 

+10 

MBB 30 

24 

1X9 


365 

-7 

T7J 

24 

1 1 

250 

195 

330 

-3 

773 

24 

30 

22.7 

153 


270 lAWECSOn 
193 [Attoer — .. 

222 UkbennnCoott 


45 


i+ActrSS Sal fibre Sp J 450 

297 WAngfa Sec Homes.. 

33 [Angle um. — 

66 tortrldfe lOp 

142 [tAshuead Group IQo — 

217 Uttwoods5P— 

S27 IBP6 Indi. 50p 

97 [Bagge rune Bnck 
31 Hailey (Beal lOp. 

78 {Baldwin lOp— 

158 (flarraa Dfr. Kip. 

160 IBenoay 

213 Berttelry Group 
65 Bett Bros. 20p 
9tt5 BloddeysZOD. 

670 [Blue Circle £1 
250 Breroon Ltaoe 
220 BB6EA 


BUILDING, 
TIMBER, ROADS 

348 l+S I 12 0( 4 


Brni-Ji DrUvng... 

76 Brywl HWjs. 

ll'j Burnett 6 Hallaw20pJ 
80 CakebreMRby-A-10pJ 

149 Cemem-RoadstoiK — [ 
23 fChe^rn enter Gra.._j 

150 Confer Grom 

110 Copun 'F.iSe — 

493 Cosum Group 

480 Countryside Props , 

211 CrouCfliD.iiOp 

129 Douglas ISattL M) 

Z3 rDunim Gmiip Sp 

113 6EBC50O 

19 EdmoPd Hldgs lOp — J 
118 ErP# — - — 

111 KEn Coral nolon — I 

140 FaatrtarlOp 

98 Feb.nnl.10p. 

78 Du. 'A 1 lOp 


11B {Federated KeMngSp- 

88 FmlanGmslOp. — 

92 CaUHoraSo. — 

56 CUsDanfyAlOp- 
348 CleesonlMJllOp 

16 Z Hurton (Ml Ub 

For Helical Bar see Property 

253 172 [Henderson Gem* f 

74 I Hewden- Stuart lOp— 
U9aVDo.10pcLn.0348-. 

80 lap 

228 iHevwMdWUham 
540 |Hlgg* & Hill 

49 Howard SfM lOp 

185 Rnudt Johnsen. 

37 Vtmnl AmcaCpn 

47D IJanK U.l 

73 Nf Jeimnqi AS50 — 

.123 IfcMIntllones Pti lOp— — 

|Q46 lutarge Cop. FlOO — E174V* 

[37B [LaHigUtthnl 472 ]- 

1340 4*ea"OJ£l_— J 435 L, 


100 . 

92 

328 

676 

86 

275 , 
69»? 
635 
92 

178 . 

ow»! 

523 

443 



Financial Times Saturday May 2 1987. 


LONDON SHARE SERVICE 


1987 

Hfyft lair I Slock 
151 I 88 IlawrencalW) 


BUILDING, TIMBER, 
ROADS— Cont 

eel*-" 


173 


S3 1+2 


2224+3 


_ 150cf*5 

... 112 i toasoe&wwMU-l m !+s 

53"? 42 luneylFJCI — 

237 . 

396 McAipme i AHredJ — 

303 McCarthy A Su»e 20p- 

120 MicLangnim&H 

242 Mnnei A Sambemi- 
3 26 Handers IHIdg). 

123 

188 iWushamHattfa* — 

193 |UanttnUttU20p-] 258 

38 [Miller tStanl 
360 MowtemU) 

795 HewarttiiltQ 
158 
305 
252 
89 

370 , .. 

166 PotnnpeKki 
682 RMC 




, 73 I aRame lods. 10p.- 
[ 108 1+Rantrt—— — 

81 tRanaswprth T*. 

399 RMiaod— . 

56 RtMlnoalOp 1 

290 

184 RagttyP Cemeat 

183 Sandetl PerMra. 

136 Isharpe 8 Fatter 
i CWml 

Smart U.) lOp 
Tamtac 50p 


j 243 Tra»b 4 Arnold 

92 Tram Holdings MB— 

205 TinrlH Coep. 

30 fyyon ICorar.) lOp _ 
103 IfiW Cnanc Deo 20g_ 
330 'Vittraplant 

99 MlanlCrwbv—— 
|307 (ward Ktdgs. 10p _ 

93 [yyarrmqunrnsnj— 
208 Watts Btake 
167 twesttory ID 
152 IWettemBros 
145 hMnmsG< . 

242 IwiisomCoMqlljl I 

179 twhieytCeo) 


5.7 20 
040 36 
14J 3lD 
331 6.9 
70 6 
tSJ 23 
lfl£ L9 
4J « 
IMS 25 
■fc.C 43 
15.751 45 
125 * 
16£ 6 
125 6 
72 15 
♦ac zi 
63 4.4 


1-3 


r +2 


4J3 23 
tW3 3J 
* 

82? 54 


218 I i 


120 

153 

112.4 

19.4 

, 4 

26.9 

172 

162 

12.4 
1127 


« 

15l2 

224 

>168 

U5 

|47.9 

, « 

1469 

1A.9 

142 

196 

,132 

152 

192 

168 

U2 

167 

1*3 

9 

• 

• 

190 

9 

13.4 

[167 

120 

i 

185 

16.9 

* 


CHEMICALS, 

PLASTICS 


£-ml 

440 

289 

647 

313 , 
40V 
£971? 
255 
0131. 
180 
•law? 

■109 

226 

352 

268 

230 

29 

219 

193 

59 

286 


659 

•965 


£3PJtkaFl20 


Uklltfa Holdings , 

241 [AfflfflCtJlftWslOp- ] 

253 

13 lAskraHofaUngt St 
£841,! 

155 * 

£94 
132 
163 
65 
139 
289 
213 
178 
3 


(Bayer AG OMSO. 

[BLrgSen Indv 

teraHCtteno lOf. — 

[BnL. Benzol 10o 

EaimlnglWJ — 
(Coalite Grodp— 

|C me Bros.— 

_ fairy l Horace) 5p- -j 
172 ICrpda irt. lOp— 

154 pa Dew. 10 b— 

48 ftoetoar Group. 

.221 Icnis & EeeranL- 

□8V Q3kg[Engrlhard Uifl.OOJ 
120 lEyode Group - 
243 /FosecoMfnsep. 

107 


213 
280 
128 
93 

260 

£4lV OJVHertule Ind- 
"■ 425 THidiJonlnt50p 
850 IHoechSi DM 5 


107 l+Gaymr Group IDp - 
66 Mnuryte Seriate 10p_ 

156 iHataeat (J3 Up 

)3VHet 
5>ic 

» ■ -JO IHot-w — -~- 
GtUjjOOW DaFWJOtxUn.Lx Jl 


128 

W l 

139 

117 

243 

133 

£26Vf 

£21V 

203 

65 

181 

179 

£240 

248 

95 

B5 

107 

223 

496 

67 

370 

248 


105 >oftUoytllm 10p._ 

O GUI mo. Diem □ 

405 Oaporte IMS SOp 

111 [Leitfi letowas So _ 
1D3 bo. 6pc Ci. Red. PH.. 
155 WjrlaagPTcfilb5p— 

78 MoreemHldgs 

Fpr Uoitn Ik H 
E2ZVNtwo Inds *B‘ Kr. 20. 
OTiJPetsMip AB'8'SldO. 

168 Plyw 

36 RjBOn ( WmJ lOp _ 
102 RabrookHId ^ 

.140 ReotdLUOp , 

|Q88 ScherlngAGDMSO^J 
217 SnU BPO L120O — . 

68 fSoectra AtaolOp_ 
54 Sutcufle SoealuTEtn .4 

69 nmrgv Barden lOp. 
144fj VAligPackagmglOP-. 
368 Wante Storeys lOpZj 

51 5Wcm-ordilMU0pJ 
258 Wotaertmlnie Rwk J 
163 lYortalpraChet*. 



DRAPERY AND 
STORES 


24 
292 
77 
150 
33 
255 
*78 
191 
625 
118 
142 
148 
160 
800 , 
•My 
136 
835 
35 


92 
66 
Ob 

157 

285 

491? 

a9U 

12u 
•229 
48 
55 
260 
31B 
125 
107 
234 
96 
67 
438 
895 
545 , 
£3(PJ 
225 
239 
•147 
399 
463 
123 
690 
354 
460 
SOS 
77 

£'* 

202 

w , 
4iv 

375 

£17 
219 
132 
54 
43 , 
US* 

263 

353 , 
1291? 
115 
151 
3* , 
20>? 
7b* 
699 
325 
£10 
142 
1BD 

■9b 

264 
57 

164 

366 

135 

93 
350 
20b 


17 k-Aaft JeweOery lDp_| 
111 UieumlOp 
53VAHettanelC 
105 I Da S^pcCrCreftfPf _I 

MUAmlierDayZijP 

200 lAtpiasaitiin5o 

65 Da 'A* 5p — 

160 Ashley <LA»aJ 
545 FAsprry — 

86 MutnmaglclOp 

94 BeauwlJJ'A’ 

95 ft Bedford IWm) 5p_J 



10 toAKSSlmossn'A'— 
24iJiOeBrealA*«)U4i 

175 >DeWt)-10o 

71 iDewMmdJJlOp— j 
304 |OinmGroiolQa — | 
Dunn.IIHIdgs.10p_ 
HEiea Soectty Pros 

fa* A G<4d 15 b 

Emptre Stores — 

Earn 10a 

138 <Eero Home Proa 5p 

lli l£racute«20p 

128 [+Fwtds(Mrs)S0D5? 
me An Devs 

ord (Mara id lOp j 

omtHtster lOp — _ 
reemans—— 
FreodvOwectioBSp 

)5o 

>re ICedll lOp — 

Rosen 5p 

IS R.) 10# 

— IAJ 

254 fadtornttHCrp.— 
30>2jGoodm» Bros. 3p — 

ClAWOrwl Ue We rat 

uoaEusa 

80 [jHaopdra Heneorf ldpi 
1B6 jHarrw Ourensway lop J 
28 HelerreLoalOp 
43 Hollas Grew Set. 

182 House of Lerrne. 

180 [Weepies Vert lOp — I 
8b Uones lEmesU lOp.J 
73 f^Kent (John) 5p_ 

197 LCPHldgs 
43 Ladles Prase 20# 

45 Lanca2>20~_ 

233 Lee Cooper 

650 I Liberty 

480 ] DaNonVtg.— 
EZJyUniiedlneSOsa — I 
134 iLloyds Ctirmenj Sp _J 
182 (Marks A Soower I 

98 IUartlnlA.I20 B 

314 HenwsiJJ 

172 MMMerA5*ttee.5p 

9b Mm Sam lOo 

560 Moss Bras 20p 

2a>i>Neniap 

345 jaiirer It! "A-_ 

£85 Owen ARo6mwo5pJ 

46 HPaplVdU(fL«5p^ 
87 Penns lOp 

145 fpPfpeGrtwlap , 

121 iPreedv tAUrea) 

76 j+Praeuarau Hu«]0p 

33VRamir Tens. Sp 

248 iRatnerslOp-, ...... 

149 | Do. Cm Cum Pf £1 J 
Aunt ‘A- f*rv_l 
5o — 



279 tSmlih < W. H.) A 50p- 
87 Blarney t A. G.)5p._] 
84 jstraa A Son ’A'— „J 
123 Sbrlmg Grant! 20p — I 


270 gurefiause Up. 

11 tSurmgard 10p_ 

33 teumne 20p 

•43 Buoemg Sov lOp J 

247 bt A S Stines 5e J 

142 |T*o« ASratroSp _] 
83biTlme Prods. 10a 
130 mpToplOp — 

70 IT h Vafae fads 10k- V 

lnijWf+rwMtKlOO 
37 RlPlanlEI ’A* 


4-2 


1 SJI 


+2 


+1 

Mj I — I — I — I — 


H-5 


£13»3-i 


igy- 1 * 


364 |+i, 

9rcfces40o J 350 4? 

)20bt 1 — J 


131132 


LLS12 


3.9* 
t3 42J 


19J 


17* 

to5) 


\3A2 


273 


DRAPERY AND STORES— Cont. 


1987 

ffiffi LOW 


Stack 


206 

95 

150 

859 

□90 

153 


148 yrfckngOH. £qp.llfe — 
68 WMsmeorSP— -J 
80 FVMdSBS BwartlOttJ 


,680 

|Q55 

1Z3 




1+3 


IcWriGrt'FT 
22 1268 
30 12.4 
IB MO 


ELECTRICALS 


437 

53 

74 
363 

33 

204 

473 

435 

UO 

55 

132 . 
£3by 
£34 
664 
128 
267 
357 
125 

*371? 

euQ 

180* 

156 

690 

172 

207 
291 
•115 , 

•295 
233 
121 
242 , 

£« 

296 

375 

84 

344 , 

ay 

140 

256 

625 

45 

210 

187 

U 

398 

301 

50 

195 

158 

106 

195 

58 

71 

135 

50 
420 

60 

488 

186 

135 

520 

166 

145 
100 

60 

400 , 

£zhj 

42B 

146 , 
1401? 
242 

86 

135 

310 

66 

•97 

439 

236 

134 

355 
128 

104 
194 
206 

26 

118 

a 

180 

*297 

146 

335 

75 
78 

442 

95 

23 

356 
35 

334 

93 

240 

433 

455 

296 

105 
105 

54 
318 

a 

203 

•125 

518 

174 
98 

330 

150 

280 

51 
6«3 

173 
406 
170 , 

87 
60 
87 
892 
9M. 
313 
93 . 

£ 

V* 

454 

208 
233 
156 
£325 

170 

33 

now 

£26 

267 

197 

90 

258 

175 
170 
235 

68 

44 

174 
247 
256 
Eiioy 

150 

193 

12 

10S 

378 

•123 

605 

298J? 

270 

245 


332 lAB Electronic— J 

46 AMS IMS 56 

43 tjdkcgra Cnger 10p — 

207 bupdnawrmSe 

ZS^Amer DrdCewp 5*_ 

131 lAiwtradSp __J 

353 ttA»rdH'gM*ia5»J 

310 40# Warrants 

45 |Aoneot Como 10p — 
36 tAmotanc ’A’ NVSpH) 

107 lArten2O0 

OZljlASEA AB. ‘A’ . 

£2B»2dp'B' 

antic CmoowlDo J 
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1155 I . 1 ■ 

470 hnteMl^ 

£12 )PM»-He^^l^ 
615 fraamglniiBr.Q— J 


61 SS^. 10y^Il 

■6*2 intiguMSpjfiB 

115 tPtambHlta*.5p— j 

■ Z3>] Polynark MHnB 
108 DaC mPiAO 
>255 PmabiilHH, 
292 S»qweH[feffry n50pJ 

192 fatamiMealHHI 
120 Htacs IBI Sern-lflpJ 
520 RankHBMMHMMi 
270 tanna-R ipotiOy— J 

862 Reckiu&SHjB 
328 RrffrsrB 
343 Reed bee HMgilOpj 

190 

260 ■ 

5b5 Ream'fi'lflp 

| 3tl_ rt-- .nn-iM 
I 0 *r •? rrCl IHajf C 1 

123 mcardoJH , 

193 Robertson RaUJOpJ 
22 RacklOp^Hfii 

Isa RodnnrdH 

108 HoHeAHaitalOpJ 
[1161 

107 DotEH 

■ 2*, Rouprmt *jP 1 

98 Utokmda 1P»T — — 1 
86 SassefliAJlftSi 

|26>]^lBt1Sp^| 

150 {KACMIUfe 1 

■ 25 SI Grata SpM^B 
211 SakT3neyJBH| 
120 Kwtos&shktaSaJ 
US StaAute JMO^J 

242 ScapaGratalH 
£22V5ddan«eraerSU)lJ 

151 Scott RobhtJan— — 
1154 Scott GrtentauvIOpJ 
147 SaaHtettafcTsL-J 

1 161 seftsHcorGraup^ 
154 Da %fli-V_H 
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r-Si gS53 

177 ^ W0r5w 
743 Sste 

122 SCeetS^Mp^^ 
210 




130 


273 




£6H Aw f iK tot R toBil257-J £65,'. 



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170 Spear awJjH 
146 i^iauPradKGlOp. 
19 SpongHk)gs5pM 
Np Sprats R« Iflp 
100 togFu^H 
1761 ■■ 

383 jStat^*ta| 


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WO* 3 starting J 
243 StocUta 

68 StonettlBHMs 

229 SunauMSera.lOp— 

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1271, fSwlrePacAbOe— 


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rafeerSp 

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hTcdnotogrteBts. 134 
TrdtPreiteSenrllfe- 181 

rBL Gnnp 

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33*j TrawmsodSp- 

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61 Mels, 

187 hararANewaUaJ 

158 bjDOHUgslOp 1 

84 IMgmplSp 
£21 L UnOno-. 

£W Uo'yKVFIW— 

73 DnkodrZftj— . 

29 UtdGtanotee5b 

112 hUeMMagfailk^ 


tvafer. 


137 MenGra2lfe 

MS WM* Potts. lOp 

60 WaJkrr&reento*— 
£224 Jr*art»4a ABFktM- 

97 WaurfodGlaa5p_ 

373 Watshani's" 

232 WeBcpete 


19 hweipac7p 
blMWestlndnti 


.. Jndvttries 5o— | 
98 pW.YtnBH«50p 
61 fWKtocrAWJO-, 
33 NtSMell>»am#J 
308 WtetananR-AagdSp J 

WWtrcroft 

36 Wttaey4p. 

118 WRkesai , 

10»j HHIatae Syittns 2p_J 
585 WnilasraHMBS.— J 
D}5LpcCaatC*fttfjf_J 
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(Wood lArowr) hn_ ■ I 
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Sar 13 ^ 


hs>4 


J L3i* X2 * 


(+10 


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078 >4 


kl4 


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163»J 


238 




3330 


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10 


163 


150 


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INSURANCES 


356 1282 



Stock 

We5p 

AAmpeder, 
Do. Hoc Ciw. noo 

"IIUbzAG DM50 

rtanGraCajq 

Cora SI 

'. BireblOp.-J 

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For Combined 

Litem.*. 

+y Wanes Up. 

ty A Law lp 

As Imurauns WUO 

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sa^d 

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Financial Times Saturday May 2 1387 


LONDON SHARE SERVICE 


21 


INSURANCES— Continued 

KriawJJSi 


MW t * 

jUjIi I Uadi \ 

S3 l303 .IPWSHgttii*lfc^ 4l ! 

38b 1326. IPUrl to* 5p«~- Ho4*U 

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259 
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450 

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335 
€34 
€32<d 
595 
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912 

2£9 

fctewwtWr.ZOp—J 413 
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A £42A mWwM EOR^J 
IU OP, TMMwfcSLOO-^ 
240 Trade hx* 
»AtTwHm 


■j USUFE Com. SLO_J £22*J-*a 
560 HJWfttadfcr BMp-1 J« 

367^ MBs Faber 12Igl 
41 IWtattOr Secs, lOp 


£3: 

930 *i 
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29 ! 43 tlX5 



133 
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144 
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4.9 


630 


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165 

87 
48 

195 

191 

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674 

266 

63 

30 

306 

557 

126 

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73 

353 

89 

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200 

197 

88 
909 
220 

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151 

127 

209 
177 
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325 

210 
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15 

m 

227 
93 

175 

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95 

412 

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143 

121 

121 

487 

228 
565 
126 
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39 

323 

95 

404 

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88 

540 

100 

MS 

531 

170 

80 

179 

2S6 


111] MAM Cn»P 10l» — | 

W IrftTVPrctfl — 

302 AnglUTV 

113 Motion HUB. Up 


63 [fAttmlp 

40 b«£HM»5p 
132 ksn- L WAT. *4’ _J 
165 £^&Kwta_] 

45 itBp&rT.V. 

Waterloo — I 

120 |MttlML2to I 

127 bp«a!R*Uol6p_!J 170 
370 ICentraJITV — 

in 

43 . 

13 IPEinrubiPrafSfeJ 

207 Fatritae Boats lOp 
420 Fif«LclMra~ 


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48 
206 

51 (Hantainx 

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36 Lum , iHU«s2o-J 


LWT. , 

154 jNlnnaifariUp-J 215 
55 Leisure to 10p 
67 LetturetiMlntlOp-ri 
101 K* 


166 


LEISURE 

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4 16 


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161 talitolAi-l 
92 FMedtaTsdi Im20j> 
168 McdntaurlOp 

218 dkfcronroer letaSOp 

175 ftMteWortrilOp — | 
6J Nationwide Letore 
8 tNhwtoiMas — , 

30 Mcap tan.HZKL5 J 
128 it-nert Ex kflts S0J25 J 
45 Hhvnen Abroad 3p-[ 

78 Photn (Lon.) ....J 

35 Modify ftaito MV SpJ 
84 mwawtrlOi 

316 P1eatarama5p 
148 Da 7pcCvCmRtdPf 
116 Prestwick 

44 Htadlo City 'A* HV— { 

54 wmktQrdelllV-J 
361 RraaylhefotOfpSpj 
SO Wey Lefewe lOp 
154 SmaHok.20p 
15 SamoefSOoGip— 

82 tScagmPtmli 

97 ScassoZOp 

348 Scott. TV Up 

MtjKeteTVlOp 
2D tSpMnnSp. 

190 SunfeyLefeare 

47*j T5WS0 

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261 llVSlDp 

60 PTctoWoo Sks 50p 

312 ItvwinTV 

64 roturriaai Hotspur— | 
86 tTrtnonlOp. 

251 TfneTMsn 

79 JWwTV 

61 tVtawpbnSp. 

132 juinjtn G roup 10p I 


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194 (VorkxMrtTV 
220 


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198 
191 


596 


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263 


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407 
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120 

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147 

133 

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153 
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73 

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122 

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127.9 

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223 

54.4 

173 

143 


MOTORS, AIRCRAFT TRADES 

Motors on if Cycles 


273 

645 

632 

41 

£34»j| 


«Bd- 


*3 


037*1 


228 kto.MO.lMtt— 271 49 
487 »OBl»MflwrY50— ®2 414 1 
533 to»»r__. .. ... „ ■ 574 4lB| 

20 tArBaptllPUrUn- M 

36 tocrSOp -2 

£29 tVohoKiZS— i £3Mi — 

Commerdnl Vehicles 

Jl 1 55 ISESfcl JUrl dnlfilH 

Componei 


23 


343 

410. 

87 

187 

67 

285 

*3tf 

627*4 

186 

143 

25 

245 

418 

503 

200 

221 

242 

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135 

65 

156 

146 

418 

350 

263 

237 

316 



, IC.DJ.-_ 

brtt.Cv.toa.KM. 


iCfwUp. 

Bmges urd Distributors 



!iu 


*5 013 
21 {16.9 
93 
1163 

♦ 

93 
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123.9 


143 ~ 
172 
250 
216 
135 
156 
116 
78 
88 
35 
110 
83 
218 
213 
139 
146 
187 


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torryCni*.— 


MckiN.6 JJ Up— j m 


Mectem Motor - 


£*-2 
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413 

500 

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207 

128 

110 

UI 

51 

153 


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261 


295 


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142 

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19.4 

14.1 

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1313 


NEWSPAPERS, PUBLISHERS 


260 

296 

550 

335 

380 

355 

755 

665 

SOS 

£32 

199 

430 

360 

375 

510 

470 

145 

802 

148 

226 

£10V 

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241 

163 

825 

512 


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PAPER, 

ADVERTISIN 


PRINTING, 
G 


52 |WTAS*t»cUoo5p-J 
226 luhn Md WMt«5p_j 
114 MAH4 Canto Sp-.J 
318 UAtoPConm.Sp-J 

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52 lAuhiwa»n~ T - 

139 b*rtW"Crwo2W-l 
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PAPER, PRINTING — Continued 


1987 ; 

(Kin Law I Stack 

100 j 83 jiMouMrenlsIatSP -J 
113 HaranOpulOp 
UnDtihiGnsSl. 

$7 HtaiP<aar20p 
Kbtonrfi 


154 . 

99 
536 
80 
160 
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500 
305 
483 
US 
99 
166 
91 
305 
263 
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127 

•275 

390 

215 

189 


11B 

153 

2S5 

450 

18 

264 

238 

29 

330 

550 

2U 

221 

226 

625 

126 

78 


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£42%conPtoer. 




248 BnMifO 


336 


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SwfttWW. 


81 Stone PtaMoi Son 


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VKiflPMaiin5p. 


85 
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63 
193 
199 
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22 

148 


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360 

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208 

305 

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440 

351 

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174 

250 

333 

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170 

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212 
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116 
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273 
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423 
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73 to**- PmP*. 10p— 
186 Afflnnton 5cc Kh — 
340 AsdB Propertr20p — 

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190 IbtariterisSvrfiloM 
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490 BndhrtPno— 

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172 BrUA Load — . 

169 SrtaMEMt. 

338 tOraaknias-. 

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260 todlCuelsJ 

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295 CanflfPtoUa-H ; 
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155 BtySteEsawIIJ 

153 avteWt cbfe- 1 

228 D&jtoitn Props 5p. 

62 Do.Wama^ 

413 toipcoHJdjiap— J 
270 ItoMtoEslABtt 
40 Ko« Tern too: 

15*2 ComM Sees. 10p — 
130 (mvNiwT.lO) — 
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110 frDencm. _ 

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440 
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140 

378 

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293 

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060 

144 

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124 

371 

545 

183 

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131 32 
63 4 
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1LB5 48 
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18! 06 
♦161 0.7 
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122 38 
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455 VLndLCM«50c— . 553 
315 tLaa(Lal6ip.5p- 
530 todAEdMHViUh- 
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309 Do.frJjpcCiPf. 

169 LndnS Mtnnw5p. , 

176 Lon. Shea Proa 
G7S. Da9peCn» , 94. 

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340 ftmioaPwAlto... 

336 

46 jMvfctmA. 

390 KUrttrEaieo 

us tMljMfOttPms. 

195 HClnerMyUp 

118 totoSwsZOp — 

230 Hottole Moore 5p— 

133 Merits lad Prem- 
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115 Do.LSpcC<wP(- 
740 MamMewEn-Sa- 
109 iMorttowtAAJJ— 

99 M*wCi*eoflSi5a — 
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17 MsfyEitiui 

66 PariedMeHMoLlOp. 

285 Peoehe,- 
470 keen'" 

88 Keen 

230 Prim Marini 10o. , 

380 l?w Partnertta— J 429 
For Prop 6 RcvnHMff in 
181 131hPwSK.lro.50p— j 181 
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21h ID taitoPHpl* 

■219 15ZhRN»M» 

60 38 LReataKratlOp 

174 113 MRMIflSp 

IS 125 Hates GrmrohUMp 

868 UO RontetoiZOp 

233 218 b&b&Tonstlm 

57 23 aHodti P nioilOp-l 

113 92 Seoi.Mttrae.20p 

58 D ' " 

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380 148 haWdGram5o 
116 93 bwalr&cidWttlO-j 

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312 SMPtesd Strofini 5p 
304 Sootewk — 

160 EtmbnfSca 
90 Brnddar. 

320 TopiEiUHS—- 
bSJO Oo. 7^pt Cw. 2014 

57 famCMn! , 

33 iTtaroprofeStaflaJ 

255 rnHordPto J 

235 HrendwiwoodlOpJ 
78 IW0fPW5p— J 
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water (UfrM)10p-j 

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535 

264 

78 

32$ 

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242 

283 


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201 iLantkert Nth, 
170 MtUmiCm 
146 Btnog&FtMr. 
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263 


307 


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23 

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53 

1+2 

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24 


SOUTH AFRICANS 


aw £661 

SCJ^ - 
148 
115 
354 
226 


8M0 1 

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270 BBioweeasUflc— 1 

68 ESdMLP.ZhcjJ 
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170 UKBUMrtSOt— J 
138 bSASOLU 


385 1 226 bABri-sUeHIj 
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S3 

02 

482 

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250 ! 105 freflpiK- Kates Ml -J U9 1+2 



345 ! 290 >BWTesafle 
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290 I ITS ««*« UJ 20n_ 
143 1 103 taeOMBA.10o 
191 1J43 SBrii Hctetr 


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40 i *4 !JL3 
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1N7 

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158 
92 
444 
222 
297 

71 
157 
165 
183 
105 
173 
160 
189 

55 
165 
160 
210 

72 
275 
287 
373 
200 
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137 
MS , 

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198 
170 
68 


149 
143 
152 
105 , 

544 
540* 
157 
453 
136 
327 
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fBatmer A Lurti 20p _{ 



3£toelML50p 
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to«M«2hP , 

“jtrtiris of Wttorr 10 p | 

<2 BoaorLMro)— ___ J 

MtW2hl 

BeaAUtr 

,Ual 

jfedrastJ 
>|l'g>rtrthM.20p_ 

Ingram (H.UOp 

lerome (HMgs.) — 
iCngdyi Pre»20p, 

KynocatC&C) 

Lmon Hidgi lOp 1 

Leeds 6rp 
Liner 


|Lowe (Roderl KJ. 
MestSJSOp— 
ItedcayHBgn 

Ss^ 1 



71 
149 

155 
138 
93 

156 
160 
168 

51 , _ 
159 j+1 
132 

H5d 


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On 

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+50 

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6 23112 


tM 

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275)0 

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4251 ZO 
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53,22 


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6J> 

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25 
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LQ 
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26J 

12.9 

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132 

14.4 

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1L7 

131 

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>123 

15.7 

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83 

1105 

127 

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1987 
»W Lo 


TOBACCOS 

hrl £ US S. 

TRUSTS, 

FINANCE, LAND 

Stack I Price l + -“l tot 



154 

ao 

225 
75 

530 

158 

155 
488 
183 
283 

153 
130 
139 
417 

67 
80 
81 

288 

78 

771* 

s3n 

392 

130 

226 
£21 

233 
£12 
523 
12S 
86 
51 

1151 

75 

180 

97 

97 

128 

68 
8» 
157 

77 

ZThj 

166 

201 

466 

22 $ 

124 

794 

283 

127 

iShj 

94* 

191 

510 

505 , 
£42hf 
ZU 
178 
124 
80 
80 
445 

760 

234 

154 
2Bhj 

510 * 
267 
460 
lb*J 
424 
60 
14 
160 
£195 
243 
423 
lAZhj 
19d * 
208 
196 
186 
190 
17 1 . 
12«hj 
87 
12 


kin to., 


130 , 

865 UkmcTikI 
184 lAtaliMStneuTiHLj 
67 kadnaia to. lac: 

429 [DOlUp. 


138 AmriaaTratt— J 

139 kmerfcarta.'B 1 I 

377 toda Am. Sea 

149 AnMptoeslnc.- 
203 Do.Cap.50p— 

136 PArga to (All) > 

nil. Illmw. la— . 

105 *lAaaiafaatoTaS(te J 

Mine Ciflaid Japan _[ 
Buttle Mtart Sk NIpJ 
MtofiHtoTtdL-J 
StoW In— 


Ssariy Tnrft. 


374 
5B 
64 
69 
270 
61 
67 

018 |D&tpcCvllL51995-J 
38h§nt. Ena. Secs. 10a 
483 IBrtt. Iwest 
108 


nenraH to. Til. 

(British AsstK- 


277 todDBiilm.5p | 

130 CatorianinttGaL 
226 Da. Cap 7* j 


Investment Trusts 


£19h CameOM Ioml lOp 

135 Oob'I Iv hic.£l 
950 Oo.Caa 
020 CtudHeotthQ 
105 CtoafcEattlvS0L50 

70 Da. Warrants 
42h Cky & Com. Inc. 

995 Da.Cap.tEU 
56 »,of0i[M5p 
144 to.VnutTa.10p_ 
60 Da.UOWvrapts— 

S3 Dp 120 Warms 

120 DdhI Assets Ttt75o_ 
52 DpWanams 
780 tortaaotal&M 
116 lOrscM Japan 5(ki 

71 tooKdpcJ 
23*] Do. (Capita 

143 lerir, Taint 
172 Do. Cap. Up 

375 HrartonCons. .....I 

2D3 IkagitanFvEaa 
113 Da Warrants *82-91 J 

224 ktotocA 

» 4m.To 
FroTa 
to. 

JaWrtJ- 

iW.. 

M - 

AS«n.S5J 
IlHlPlCUJ 
nLT! 

MS 

107 lEa* A Scot to 
75 [Ensign Trot 
72 DpB 
345 (EauihCcMnrt 
603 I DaWn.50p 
228 European AsscttDFa 
132 tFACAKtoe* fan 
24 FACEmTalOp— J 
282 FACEMOnM 
Z2B IF AC Partite to. T._] 
456 Fastaisa A Gen. 
12uFini Ctotoae Assets _| 
342 firs Soil Am. 

55 Fto9*l«B Japan lc—J 
11 lop Warrants 
UO hp Tewino Aaierian — 
|£139 LOo7nc CrlloUi 1999, 
203 vteoto Ctotriaase _ 
330 Fleming Enerprtae — 
150 Fleaug Far Easuns— 
145 fftendnq Fledgetog — 
147 Ftendng Japan 
174 letniBg M er ca mi le 
UShlFlembio Ornnm Ti 
166 |FleiwigTich.to. 

17 Fleming Universal 
lUhFoieigBACaL 


154 
915 
225 , 
74*2Ma 


530 

M2 

MS 

466 

183 


136 . 
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137 

409 . 

60*4-. 

79 
79 


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546 
118 
345 
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£20 
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108 
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78 
110 
97 
95 
128 
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MS r .„. 

109*1-1 
77 


h3 


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166 
191 
459 
219 
322 
757 
282 
132*4 
47*3- 
171*3+ 
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£4zy — 
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445 
760 
232 
151 

21 

282 _ 
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£140 1 

229 



567 

120 

53 
208 
284 
173 
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163 

56 

16 

380 

294 

325 

121 

54 
187 
1B5 

170 

288 

327 

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32 

249 

90 

284 

105*4 

2WJ 

205 

3S7 

£37 

528 


38 I Do. Warrants-— — 

168 KTGISMReca 

223 ICT Japan 


r American. 


349 

380 KarmonEara 
145 DaWamns 
52 CaraMrehiUF.Ta 
KriJ De. Warraca 

328 ItoConsaMrted j 

ZU Xtoend Fuoasta 

245 I DaCrtm-ta 

1 QD (tomunSeanues— 
43 Hte Warrant,— 
149 CeRnan5naHto50o 
175 tosgnw Srtddn. 

Eomti wiwi— 

254 teowe Oriental to — 
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41b (GreenfrOr Let 

300 tarestemKiwit 

29 bum On. Up 

220 ktaafarostoTH 

67 I Da Warrants 
ZU 


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^ fSI- 

ed 372 U-2 



155 "Bn». To. d Saemsei— I 
176 bataStoza 
291 BMtsUraCapM 
£31 kF.PicWrt SACe(>ti_j 
£24 (OaPteL 

MASS 

Wanvds. 

<*ZPC Dr Ln 1994 . 

SenQ 

tattoos 

to, In. lop. 
Cap.2p 



153 

188 

162*» 
183 * 
167 
180 
160 


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123 t+a 

85 _... 

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567 M-3 

102 

43 

203 — 
271 1-2 
164 i+l 
318 +2 
160 L — 
56 
14 
372 
283 
323 
128 
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US 
181 , 

158 i+2 
152 !+l 
275 I — 
320 1+2 
419 -2 
450 j. — 
31 t._ 
231 hi 

88 I 

231 | 

99 f-1 
200 h2 

202JX+2 
34Z 1+4 
£37 t. — 
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Bert 


L4 12 


III I 


lulu 


15^ ID 
912110 


UI 

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3.75 LQ I 
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425; 2D j 15 

4^10 j 27 

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401 *+2 iQMWLl 
1M |+2 4D|U 
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43 : — 1 

3S5c£ — j 

22? j — 

190 t.—.l 

154 I ,1 

4C L_. 


ALsadoofair. ( 
Defaentm 1 

. to. Mb2Qp- — 1 

0s.Cap.5p t 

Attoe ) 

AStmictoe — i 
TnrtL. 




378 jUAGCtollnclflo— J 

994 roo.CaD.10a -J 

UO jUACZudDoallM— ^ 

. .. Z16 Da tad Up 4o j 

340 {ZOO HtMWrTttQjQU 
174 156 !«**• Carte PacSta-l 
06 76 

146 1 122 
159*]) 134 
91 1 “ 

56 
£50 
253 
545 
$8 
MB 
191 
194 
189 
399 



75 WarzaninrCAITa^ 
50 toaCanSOo. . 

212 MtdWjndto.Tst.. 

36 tonte (roost , 

4S (Mamgavto.ra — j 
50 SJohnnoi. 

167 jUo'rJF tncwtTst—’ 

U5 IO0.B J 

178 tUnmrua j 

182 | 0o.B 1 

... ,189 iMamrSirtrUariceti.i 

198*|l 192*»D3.B — _( 

245 1 225 'item? venom > 

575 1495 to wC n tiflo [ 

70 6* WewDwrKOJTa — ; 

78 I 63 hew Thug. Inc J 

106 1 62*d D“ Cap 3 

W i 34 i Oo.KfwWnrs. i 

118 WnrToteoto.SOp — j 
_ , 56 Horde toTrtUo — 1 

407 1 375 Wft.Alta*e5K i 


99 L_. 

’St 

»7 '-1 
2f>C -»2 
225 hi » 
70 i — j 
<3 '+1 
114 l 1 

403 1 i 

n»r+i 1 
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308 hs 1 
3» (. — j 
174 t — , 
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144 VI 
151 h h 

91 

55 ' — 
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239 ; • 


15 J) ID : 

26; lo; 
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[ 2i ID I 

I , 921 ID 
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8356! L2 1 
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33.7j 4 | 

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43( ID ‘ 
itl0.4| - j 

liaui 

tZklD I 


fMj09j 
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535 -5 I til? 20! 

57 l-l i ' 

192 **3 ! 

1 M ....I 

MS +1 ! 

185 1 

194*'+: 

197E5+1 . _ , 

245 . FLO LO ' 

5S7e*-rl jtUTSU: 
69 ,+ra 0.7 9 , 
78 +i 1 135-10. 

ids 1 — - : 

66 -+1 • - - ■ 

2236 - MU- 18’ 

68 -1 02i 

386 l I 3.4 LO ■ 


FINANCE, UNO— Cont 



89 (FergnsanU* lOp I 95d-5 

44 hFleHedi 1 Qp~ 1 55 ... 

780 FrandingtnnGrp- — I. 908 1-2 
128 iFfmlGranp — I 176 


206 kLT.lIwgeroeBl*— 1 zs j-3 
375 hfcenOnwulSUOJ 440 1 

293 hMaiWTAT.2ta— I 345 

90 If Ha* Par SSI j U9 

963 bHendemn Adm Gp 
108 lumping Gump 


153 

*93 I 76 llnd.Rn.Aliw.Ca— | 

230 1189 |imJ City HMgs 

650 1 550 llm.lnr.TsLJsr.a_ 

60 t 48 UmestmeraCa 

186 1156 IhnryASimeOJii — 1 



L9I29D 

£22 las khmantW.tACaJ £22 L...J 2DDH36lUl71 
300 1 263 hEiBieV'FdManSp J 296 
49 I 41 ETlJtolta-~-l « hi 

nr 
60 
943 
176 
243 
480 
385 
125 1 

sn 


-J3J 
164^ 4D 
0.7$ — 

1^44 
525! 4 

Cta3 23 I 2D In 3 
16.0I3J f 2.4(172 
Q7d U 1.9 [34D 
ttil25i 6D I L4 [I7D 
PbDI 2.9 I 56 I 

TLS|2D[ZD|ZLB 
f2ul6J.WUJ 
OlO-tK 0J|L7 -* 
TdU7l 3 A 1 2.7 J 9D 
14.75! L7 I 3.9 (20.4 


228 1 153 (WdanonFrylOp— J 22S L—l L3.72I 32 I 23 I19D 
90 iKakuzl K5T- | 118 I |UU3P*1 ZD 1 5D l 9.9 

37 keHocLTnoita 47 

38 iKwahulOp _□ 39 L~ 

Z1 |LM»A An InrlOp-J 3flh-^ 


21 LMR A An IntlOp-J 

37 UWimto.Sp / 

63 LnaMerdart 

56 DaDefO. -4 


£944*1 £794,1 Da 7kpcC> ZORHSJ £936 
541 1427 !UAI 


287 1 265 [U. AC. (top— 
1213 lUajedie Hits. Up 


228 , — , 

406 1 297 iMeicamie House 

Far HMC Iron see IndsnrUk 


9o’>3 
80 1+3 


0.1J 53 I 03 |882 


2.4 F4.9I1U 

1035} 53 [L6 [24.9 
rug 22 4J 1L6 
12351 14 3.9 25.7 

071 .%! — i«dI — 


Tl7Dl 2.4 1 4D 
5251 2D 2J 


625j U ! *.0 


I 24 I5D 


3J. 


153 111 tal Home Lows 75p- 152 

O51UQ10 I DniPtfc Cv.La 2005 . £X50*ri- 

188 * 133 fen Baltic 5p 172 T+3 

143 1 108 DolpcCnrRedPri. 135 L_... 

151 1 118 He*iiariiet5as — 131 L 

80 I 58 lOcenuCaai 1 63 L-...I 

112 ! 48 fPerambeUp 90efl+l 

480 360 IParrohU.TJ 5p — 465 

102 99 iBenarraptf Htdgs— 102 

42 1 25 (Do. Warrants 42 

118 


\5TS 


127 

192 


1 149 [S*nh He* Carol (189 

159 r L35 ISunfi 100p_ 


159 



407 263 fTsndaflHWgs.. 
285 220 tWTCfcoap- 


h2 


24*2fVWarrior Innustnest1.| 
62*3wen» 


riv 


48 I 30 K-Vetwnon to. Sp. J 37 hi 

89 I 53 wVoricTnai lOp J 79 h»z 

430 1 245 )Yute Cans 10? I 4Z8 1+3 


aL37 L9 L3 

ten - bj 

12.47 e 1 2D 
7% — 1 73 

U) 31 1 2.4 HB5 
OJ 4 I LA 


l(U23 I*U — 1 2.4 I — 

Q9e)24l2J|l8j 
Q9571 2J 1 19 15D 

□ I - bU 

pMO - (65 1 — 
— I — j — J — 
f L6l 12 1 2.7 1 40.7 
—l — i — | — 
♦Ull LB j 2J 33.7 
AS 4 I2J) 4 


1987 

Wfh Low I Stock 
24 I U NFAdetatdeP«LHL_ 
52 I 3 1+AmBra inti R/V — J 


OIL AND GAS 

1+ oej Dia 
- I Ret 


1M 12*]IB0M Hdflngs 


•252 

64 

74 

504 

Wsl 

32b 

82 

259 

120 

8 


30 btAm&wZOpJlJ 
24 *rwttedeti«ii€JB_J 
34 ifttbmls IctL I ' 


195 raecll Respites 50c.. 
63 ftBrrWerEm'n.lDo— 

37 taBridgeOJ 

441 Itatt. Borneo Up — 

65*^SrKUafia> 

38 «m. 


Price 

24 

52 

46 


I Fir 


h2 


44 h3 
SO 

224^ 

63 
57 
503 


h3 


238 TBm. Petrdenro 1 3234+7 

bUjj Do.BpcPf.a 1 79*4-4 

161 iBritod 10p J 243 1-3 

71 IttBrjunOdfiaslOpJ 112 j+8 
. . 3 LFBalaRes lr£O02S J 6*J-6 

499 >366 ,'Bannaft £1 — J 458 aahl 

" £93%l+'a 

195 ' 


% 


2.9 


VU| 

Cris 


_. 29 

7 J2J 

L4I5.4 


WE 


N.9 


IlLB 


99*4+iy WbSU 5D^U 
^ hlL7| U U.SffiJI 
5 Aw « Wj- 
flD'.O.? 45 3ZJ 

d- =Sf 

IMlp U ♦ 
WiiViiejitiiu - 


£93*2> £83% OoJ*jpcLn.91-% -. 

1» 1 140 itJCaledonunDfla. ™ — .+ 

119 I 75>4C8riess Curt Up— 100 -1'J 2-75 08 32^79) 
190J 126. (CwnroilOp _l 174 [+9 1 15 25 1 3.9 “ 


43*> 


-HSO- 

iCbb.S3^__. 

tfCiamiiBni Pet NVJ 
hCkrftOil. 


hJ -I- 


126 63 9Kc»o,P»UULRtiSpi U» - - - 

234 >124 MCeraeftaadBitoJ 213 -5 " 

128 j 67 hCnsaeerZOE 1 UB 1+2 Q2Jd 4 0.9 

38 29 ttEtoroghOil A fits _[ 32 VI - }~ 

£U41lC 06VELF UK 12U Ln — .'EUtHii-'i B2W — [1L3 
26 ' 17 lEneigr Casual 12*sJ 22 ’ * 

« '157 lnLR.ID.SU5 — i 1M 


225 

279 

£56 

45 

19 

42 

83 

58 


DO- 


237 

£52 


45V 

M h2 
BO 
54 


BRgpSlilsI* 

dilr"" 

— 1 — i — 


:+i 


Lfll — ' 19 
2(^-{lD 


45 Falsan Res. 10p 

UtyfFitomtliPeL, 

30 ftlFnttlardOaiOp— 

72*];T:Fijter«HrsPe(n_ 

56 I 39 .4FttjtJ0iil0p 3+ i+a 

170 i 98 tpCenaRBAlnrUc^ M8 1+3 

400 ! 300 JrGWalKaRes 1 400 +20 

79 I 46*jBnaiP«5o 1 74 h^ 

153 63 (Grew Wesiera Seta J 153 1+2 

28 I 19*iVGidhireamRe)li..-| Ziy->j ; ^ 

Oiai MVHaamon Oil Cora— . £9^.+*, j 020 = - 1 14 
103 r 67 mHigklanC Prowls. 77 J-l -} — : — 

213 1 131 (HssuegPctnt ! 213*S+« 4£lJL4|ia U.9 

—Si I *■»! 1 rT i«L+_ 1 - Kft 1 rrrciu^l I rifr*_ 04 — 


□25*1 £88h Da lOocCmLn. *97 _l 02S*^+1 010*+ 9.9 1 (82 — 

57 1 42TH0CO10P 56 +4 I „ — 1 - 1 - 

Foe LC. Gas see Cato Grot ara C«M, Rraen Isaes . 

426 I Hb -find Pot Crt* 1 314 j -23 -\ - — 

***■( Tijtoaan Eiptnd — 1 liy-t 1 -J — l — l — 

3 #JetaensDr(fltog— J 15 +2 
31 !KU0rjikngld-.»J 17 h ~ 

ZffjlWemnara W E*#ta 1 29 ! jhi] 

SVTUwprflOil AS1 — J 61.. 


I — I — 
^L5j L3 ' 7 llU 

Zj — I — j — 


1987 

High Low 
265 1163 
155 


OIL AND GAS — Continued 

(Ytdl 

Stoa I Price I - ! Net •CvICr’sIWE 


LA5MQ . 


29 ! 

.« 

8 

37 , 
07^ 
56 
77 

S* 

£ ,J 

24 

■60 

•106 

086 

;» 

53M 

355 

£74 

265 

31 
218 
EUa 1 , 

£* 

4»jj 

6b 

32 


208 , 

£94 

178 

24 

254 

112 


.. , Do. "Ops” lOp. 
ltB*J Dn.9*tfcCmt««Qj 
'1 1*triiiiderPeL5o— | 

3>]MUagnrtCrin*Al(taJ 

19 jnMartaulOp- ' 

7ljj*Uen*in oil NV 

BUfMonarcti Pet NJ | 

11 j+MorawwOHS?. 

3 |n Moray Flnn50o— | 
25 We* London Oil 5p -4 
□SUNorsk Hydro Kr 25* 
23 WtftSea&Gento,, 
U lltNorth West Eipliv 
9 jVOttto Rk 
23 [fffiiWuinaSnc-J 
12»ah lOHver Resatrws-J 

44 IfPekaOil 

15 fa Petrine Res. 

39 Frtranil LOp— 
Petrocon 12'y— ■ J 

£155*iWPBnjfeaSA 

21 Tt+mmgm Pctraitwi. 
yJfPrtnC 10c — — j 
34 hPicLPaa 
37*JPrrmlerCoa. 

273 fepgerOlin- _ 
£64 htoJDmdiFUO-J 
167 hsiraaiML25c ^ 
19 lfSappMrt Pel 50p □ 
125 IfSwptr* Reri 


UO 

62 

158 

12 

36 

41 

wd 


ptril Trans. Reg 

Do.7pcP1. U 

Sttotne 
FSofiO»«aRes.40p. 

StwemgnOII 

tlSiw (OKI Royal, lp 
TREneigr 


02*4 £57WTe*aco A’apc Cnr. 
“105 TTmoc Rc A5025 I 


£441 JtntiMjr Fr Pet B- 
74 [Tricetitral. 
ETffijTttEenud 11 k Cr In _| 
120 [Triton turtle* 50 

14 «TmterReslr5p | 

162 Uhramr 
69 MWoodsMeASOc 


Price 

244 

155 

118 

42 

5 

20 

8 

4*]| 


•*| 5^ 

• ! 10 
.-..1 99.W 

I9AW 

hi 


a 


-(a 


My+*j 


52 


+9 


77 

11*4 

33 
37 
65 
U 
60* 

6bri 
066V 

*3*2 
36 
52 
*73 
C72M 
2*5 
29 
198 

‘BSP 1 


246 
21 
67 
52 

K 4 

178 
22 
227 

96 


hi 


& 


35 


3D 


Q1B9U 




BFr3Mj 


m7nn %| 

ItnQlbd 


431 

4.99b 

to 


Q4S,% 

*Q2_5< 

.30% 

QU% 




4 4D j * 
- iu| - 


25 


(65 

05 

61 

ko2| 

3D 


U 


403 


KUA 


OVERSEAS TRADERS 



Stack 
Lakes— 
IDO- 
WngunCpn. 

FWay (James) - 

■rd Pidflc lot 

IN Great Noras QoJ 
rts’ns. Cros. £1—1 
i nttcao eQ 

neolmests. — 
Wttas.2tb 
_ soa.Zoch.Up— 
Oo. -K WV lOn— 
IlyPedt Iral 10p— 
Da. 9acCrLn '03-08 
LOHMgs- 


Kem.20a 
DaB*2pcCn PI2QpJ 



9941 

Grt 

LI 

02 

66 

62 

L9 

25 

54 

45 

5J 

25 

5D 

23 

23 

31 

(73 

13 

2.4 

05 

15 


WE 

* 

|03D 

4 

iso 

i 3 - 8 

|Q25) 

tUS 

6.4 
64 
51 

765 

29.4 

4 

14.9 


1987 

Ugh Law I 


PLANTATIONS 


Stack 


Price 


56 

96 

94 

% 

120 

73 

7b 

•63 


860 
£22 
400 
3«0 , 
Q4*i 
745 


69 Btrontlto- 


70 Cora. Plains M*L5_J 
70 Grari Central 10p_ 
9b toTOomUly. PLMnJ 
57 Hridandi M50c 


45 

f+1 

_i _ 

92 

-4 

0.99 24 

81 


012q L4 

90 


ZO 2$ - 

107 


tiBDq 16 

60 


♦ 

69 


vQlOa 06 

61 

L— . 

Hsl.01 20 


Teas 


840 

Asam Doran Q _J 

850 


9D> 36 

£14 

77R 

LawneGrikU 

McLeod RkssHD .. 

£ 21*2 

383c 


40.0(26 

h6*3)43 

213 

ftjJ.-locCmi.pl. 

310 

-10 

&4%|1L2 

£11 

580 




TQfft A j) 

WiHbnoraQ 

745 



2DDI L5 


1987 

■Vi Low I 


MINES 

Stack 1 Price 

Central Rand 


Oh «d 
Net I Ctrl Gris 


1+ or] Dh TU 
I - I Net Cw Gris 


£U 

703 


£103*21 £54 


130 


70 


323 1150 



■90 hl9 
703 h5 
£91 
106 
2.95 


^|-*e 


rtU. 1 


Eastern 

128 (Braden 90c. , 

182 WCons WodTeta5t — t 
240 tnnDawata — 

UI tj 5 trn 1 Triis.Cn.SOcJ 


204 
340 

473 , 

£161, 

585 
391 

03*4865 
135 " 

130 
60 
60 
165 
143 , 

£^£UyWh*elliaakRl 
62 " 20 1WH. Nigel 25c- 



□6*4-. ■ 



QlOOcI L2 
gQ5Ji ♦ 



Far West Rand 


538 

07 

343 

£12 

05 

914 

2% 

590 

951 

SKI 

TOM 

881 

444 

£4614 

93 


425 

02 

340 


249 

632 


825 


BU 

47S 

004.1 

8b0 

£11 



O.F.5. 


200 Beatrix Htatd 

374 

+5 

Q65c{ ♦ 

750 

FD. C8BS. &3ld 50c _ 

£UL 


Q335q 23 

170 

Free Slate Dev. 10c_ 

295 


015dU 






199 

loeflHJ.) Grid Rftfll- 

292 



UV* 

DaOxa A(19B7)0p- 

ISO 


—1 — 

1W6 

Du. Dass E Q900J Op - 

220 


^-1 — 

32b 

Lorior R1 

565 

1+b 

Q150q L8 

750 

455 

jL Hriena R1 — 
Utusel 

£12*, 

785 

->8 

+19 

0190a 13 


Diamond and Platinum 


£53 

Anglo Am. lm. 5Qc 

£87x1 


512 

9e Beets Df.Sc 

766 



300 

Do. 40pc P(. R5. 

425 


740 

Iropaia Ptn- 2Dc 

986 

-9 

570 

088 

Lydenbtvg 12*y — ... 
Ru.PIU.10c 

B60 
£10 1 1 . 

-- 


tOBlOd LQ 2.9 
QBOd « 32 

Q2D0cl r 1 145 
TQl35d 25 I 42 
Q104d ID 3D 
Id 135a 15 1 42 


Central African 


290 170 FakonZSOc — 290 +5 Q60d 4 fU 

28 15 WaahWM.m 25a ...... Qliid 4 19.9 

16 7 ZtoCtrSe 0Q24ZJ 13 L_._ -I— — 


120 

£8M 

OtA? 

53 

130 

£ 10*4 

£12 

CL2V 

36 

05*4 

£112 

£16*. 

8t>0 

730 

Ti 

0BM 

558 

70 

BIO 


|Mei Cora US 5L50 . 

lAng Am. Cool 50c 

lAngUAmer. 10c 

g.Am.GotdlU 

alSOc 

nGotd 10p~ 


Finance 



no 


£7*i 


£15*, 


£72 

-h 

£49 


26*2 


125 


963 

-6 

an 

„„„ 

mv 


H 


£14* 


£3D8*| 


06 


660 

fa 


U 

m..xe 

06*4 

lllm 

520 


70 


714 

-18 


Q8et 42 45 
Q240d 35 101 
TQlBOcJ 2D 1 3.7 
Q16MK u 1 64 
94SOe 35 1 2D 

Q55ci 6 12.7 
3 5 
5.1 
bJ 



Australians 


OH A Minerals. 


12 ta Afro- ww 20c. 

245 !f ACM 50c. 

44 
7 

12*1) 

65 ‘VAisiwhim Res. KL. 
15 ipAitecExple — 
lb WBahnaral RH-. 
200 raBamek Mines. 


P'2 

131 111! raBomfCWw. 



4 |g£agieCe«pl(>c. 


[ 125 'VEjanei 20c _ _ 
I 59 (Eioers Resounw- 
1 2b7 (gEmefrar Mines. 
lAraEndMutair 20c- 
42*>£nlerawCtf„ 
83 HfFdrtajtaNL — 


see Indq 

Pad 

15 

-1 

320 

... 

55 

-1 

8 

...- 

36 


UO 



30 



27 

+1 

210 

-7 

mH 


182 

—i 

95 


427 

-is 

106 

... 

41 


I9w 


25 

+3 

5 


2D 


205 


148 


4U 


30 


218 

-3 

J 29 a 

re5 1 


2D 

-23 

KU55t L7 
(CfidL? 

oaodu 

0873d 45 
—1 - 
2D 

.... 1.9 

Qtfel 9 
tfZtadLQ 


J 

d 

zod 

ZQlcj 

0Q35d 


“B 




- 4 . 


dz\z 


MINES— Continued 


1987 | 

Wgb Low 1 Stack 1 
04*4 49i^VGwiE»pAMroeralsi 

68 >145 hCM Kalgaorii# 2St i 

.real Voona Geld J 
Ito Iirosuwtt20c. 

lillMmerabtU 

29 IVIMto Ocean Rn 4 

b IVIndD Paoftt HI— 

Invi nOble Gd 20c 
1.30c. 


568 

121 

295 

92 

61 

i 

Ub 

140 

33 

61 

bb 

45 

86 

788 

92 

161 , 
B*j1 
56 
52*4 
153 
165 

"S* 

2U 

161 

45 

228 

339 

56 

16 

54 

74 

514 

33 

790 

35 

22 

137 

19 

55*2j 

21 

67 

100 

33 

487 

700 

77 


gjasaeMMnqZOe I 

HheHim.. 

1 Mines NL 
iMai20e | 


39 hWa Ora Gold KL 1 

32 IfKRDtenerNLZSc I 



R Eul 25c 4 

_ -UraHSecv 25c 

13 iVMam Baraeu ZOt .J 

5b Ttornanw Res nl_ 

100 hNorfiBHinSOc. 

Kalguitt . 

jeSOc 

EipTn. NL 

'PanAos Mtnrog25c 

lcu raPaaanrtZSc 

26 IfPjragsn Resamn NL , 
209 Ipannga MnglEjp 5p_J 
24b wPeka-WaHsem 50c_| 

31 raPHon Res NL 

13 WPorinun Mrolng 

21 (*(>wralbra*n9Goid-J 

31 WRegem MkUnsi 20c 

294 MtaiiunSOc 
lBiJoSmcnn Eul'n NL -J 
363 WSonsGwallaNL 

15 ktStim. GaMfledh , 

9 jVSonheni Pacifc _J 

7b (trSoutherii Res 

fpJfSwBiein Verown 25c 

25 ff5pargos EraTn 

Res 20e .— 

rnmUrnng25c... 
GoametasNL— 1 
Qua 25c.. 

'Mn. MhungSOc 

WhmCredZDc. 

sarRnNL 


-15 OltaOD 


h2 H ~ 


1+8 ) -4- 

OtaU 


rtd 

iCrit 


ID 


3.7 


hQlod L3 


0Udl64 


Li 


0.9 



150 


tflSOd 0.7 

60 

-5 

— ( — 

60 


DSq — 




61 

-Z 

tv^2D 

105 


vQlOd — 



J _ 

100 



J 140 

L— 

WMWQ6 


THIRD MARKET 


1987 

Hto Law 

47S 
35 
125 
b2 
66 
145 
£5 
41 
3* 

58 
138 


Stack 

Groan 10o_ 

AroP«lOii_ 

Bed l ns. Brokers 

Cnnun. 5p.~ 

Beach lOp 

(Edrapnng nwesnero 

(EgUrmin Oil ir,5j] 

Warranu . , . . . 
(PubBstung HldgsJp- 
HolOurp- 
Group — 


Price 

395 

31 

123 

61 

61 

185 

43 

27 

34 

si4+: 
113 


Oh 


YTd 

Nrt 

CVr 

Grill 


_ 

1.1 

L3J 

25 

4D 


143 

303 


19.7 

4 


S3kSJ3 


NOTES 


Unless otherwise indicated, price* md net dhrtdeods art in pence and 
denominations art 25p. Estimated prierteamings ratios and canen art 
based on toes, atmual resorts and a cco u m i and. where possible, are 
updated on hair-yearly figures. P/Es art calculated on "net" distrtbuUon 
basil, earning per share being computed on profit after taxation and 
unrelieved ACT where applicable; bracketed figures Indicate 10 per 
cent or more difference If calculated on “nlT' distribution- Covers ait 
based on "mazfnatn" dlstributtan; this compares gross dhittod costs u 
profit after motion, excluding exceptional prafits/losiei bat Including 
estimated extent of offsenabie ACT. Yields are based on mMdte prices, 
are gross, adiusted to ACT nt 27 percent and allow tor valued declared 
distribution and rights. 

• "Tap 5iodt". 

• Highs and Lows marked thus have been adjusted loailmr hr rights 
issues (or cash. 

t Interim since increased or resumed. 
t Interim since reduced, passed nr deferred. 

}t Tax-free to non-residents on application. 

4 Figures or report awaited. 

V Not officially UK listed; dealings permitted under (bile 535(4)(a). 
6 U5M; not listed on Stock Exchange and company not subjected to 
same degree of regulation as Card securities. 

U Dead in under Rule 535(3). 

A Price at time of suspension. 

* Indicated dividend alter pending scrip andtar rights Issue; cover 
relates 10 previous dividend or forecast. 

♦ Merger bid or reorganisation in progress. 

4 Not comparable. 

♦ Same interim: reduced fhial andfnr reduced earnings indtaaud. 

♦ Forecast dividend; cover on earnings updated by latest interim 
Stat enter*. 

1 Cover allows for conversion of snares not now ranking tor dividends 
or ranking only tor restricted dividend. 

1 Cover does not alto* (or sh»es wbicb mpy also rank for dhrUend at 
a future date. No P/E ratio usually provided. 

H No par value. 

B.Fr. Belgian Franco. Fr. French Francs, tf Yield based on assumption 
Treasury Bill Rate soys unchanged until maturity ol stock, a Anaialised 
dividend, b Figures based on prospectus or other offer estimate, 
c Cents, d Dividend rate paid or payable on pari of capital, cover based 
on dividend on lull capital, e Redemption yield. I Flat yield, g Assumed 
dividend and yield. It Assumed dividend and yield after scrip issue. 
1 Payment from capital somcev k Kenya, m Interim higher than 
previous total, n Rights Issue pending, q EromJogs based on prrfbninary 
figures. 1 DtvUenl and yield exclude a special payment, t indicated 
dividend: raver relates lo preview dividend, P/E ratio based on latest 
annual earnings, u Forecast, or estimated annualised dividend rate, 
cover based on prevtons year', earnings, r Subject to loaf ax. 
x Dividend cover in eroess of IDO tines, y Dividend and yietd based on 
merger terms x Dividend and yield Include a ipeoal payment Come 
does not apply io special payment A Net dividend and yield. 
B Preference dividend passed or deferred. C Canad i an. E Minimum 
tender price. F Dividend and yield based on prospectus or otter official 
estimates for 19B6-87. B Assumed dividend and yield after pending 
scrip and/or rights issue. H Dividend and yield based on prospectus or 
other o(dciat estimates (or 1986. K Dividend and yiekt based on 
prospectus or oilier official estimates tor 1987-88. L Estimated 
annual tsed dividend, cover and pie based on latest annual eavnbsgs. 
M Dividend and yield based on prospectus or Other offtual estimates to 
1985-86 N Dividend and yield based or prospectus nr other official 
estimates lor 1987. P Figures based on prospectus or inter official 
estimates to 1987. B Gross. K Forecast amMhsed cS«len< raver and 
p/e based on prospectus or other official estimates. T Figures assumtd. 
W Pro forma figures. Z DMdend total to date. 

Abbreviations: <n e> dividend; m ex scrip issue; n- ex rights; a ex afl; 
it ex capital distribution. 


REGIONAL & IRISH STOCKS 

The following is a selection of Regional and ’ndi suds, the latter being 
Quoted m Irish currency. 


Firi.13%97.U2 | 

Arnetts 



RUSH 

Futallii% 1988-1 □Offs I 

Nat. 94,% 84/89 _l £98*1+*, 


£U5*| 

373 

S7 

123 

U 

104 

29 

150 

390 


TRADITIONAL OPTIONS 

3-month call rates 


Industrials 

Allied-Lyons., 

Amstrad 

BAT. 


BOC Grp — 

BSft 

BTR 

Babcock. 


Barclays.-- — 

Beecham ........ 

Blue Circle 

Boots. 


Bowattrs 

Brn Aerospace 

BriL Telecom - 

Burton Ord — -- 

Cacaurys. 



Grand Met 

GUS 'A' . 
Giurtiian. 


GKN 

Hanson Tn. — 
Hawker SitM.- 

I Cl — 

Jaguar. 


Ladbrcke 

Legs' A Gen 

Le* Sendee 

L ioydt Bam — — 

Lucas inns — - 

Marks A Spencer 

Midland Bk - 

Morgan Grenfell 


P 

35 

16 

47 

42 

12 

30 

19 

47 

48 
62 
25 
37 
58 

20 
23 
22 
30 

29 
35 
2d 
80 
18 

110 

40 

100 

S3 

30 
15 
50 
80 
S 2 
40 
2 S 
35 
48 
55 
ID 
55 
3S 


N£1 

Nat West Bk. 

PAOOfd 

Plessey 

Polly Peck 

Ratal Elect- 
RHM._ 


Rank Org Ord . 

Reed Intnl 

STC 

Seart 

TI 

TS8 

T«eo 


Thom EMI 

Trust Houses 

Turner Ne wall- 

Unilever- 

Vickers 

Wellcome 

Property 
Brit Lind . 


Land Securities. 

MEPC„ 

Peacney 

Oils 

BOM 


Brit PeLroieum 

Buroiah Oil ...... 

Cnartertioll 

Premier--. .... 

Shell-... 


Tncemrol- 
Ultramar-. 
MUMS 
Cons Gold.. 

Lonrho 

Rio T Zinc. 


8 

55 

55 

20 

20 

20 

30 

55 

4* 

20 

12 

55 

8 

42 

SO 

20 

24 

150 

55 

50 

17 

30 

32 

30 

60* 

38 

4 

4 

75 

11 

17 

69 

24 

65 


A selection of Options traded fs given on tto 
London Stack Exchange Report Page. 




t 


22 


Impeccable timing. 
(7> 


| B i 

FINANCIAL TIMES 

Baume & Mercier 


^ j 

GENEVE 1830 

Handcrafted Swiss watches at 38 CBndiASIreet.LBiidonWL 

Saturday May 2 1987 

Phone us first for Pensions, Insurance, i 
^Mortgages, Unit Trusts 01-930 540(^ 


Trade figures boost City optimism 


BY PHILIP STEPHENS, ECONOMICS CORRESPONDENT 


NEWS THAT Britain recorded 
a small surplus on the current 
account of the balance of pay- 
ments in March added to the 
air of optimism in London’s 
financial markets yesterday and 
boosted hopes of another cut in 
interest rates. 

The Department of Trade 
and Industry said that the cur- 
rent account was In surplus by 
an estimated £175m in March, 
pushing the surplus for the first 
three months of the year up 
to an estimated £625m. That 
compares with a deficit of 
£7 56m in the last three months 
of 1986. 

For March alone, visible 
trade was £42 5m in the red, but 
this was substantially below the 
deficit typical late last year 
and more than offset by an esti- 
mated £600m surplus on 
invisible transactions. 

The figures, which were 
better than had been expected 
in the City, contributed to a 
further strengthening in sterl- 
ing's value, triggering Bank of 


England intervention to brake 
the rise. 

That in turn heightened 
speculation that this week’s 
4 point cut in bank bass rates 
to 94 per cent could be followed 
by another reduction to 9 per 
cent in the run-up to the general 
election expected in June. 

The confident mood was 
reflected in another sharp rise 
in equity prices, with both the 
FT Ordinary and the FT-SE 100 
indices climbing to new peaks. 

The Government highlighted 
a £lbn fall in the deficit on 
manufactured joods In the 
latest three month* as par- 
ticularly encouraging and said 
that the motor vehicle sector 
had performed especially well. 
Car exports rose by 27 per cent 
during the first quarter. 

The improvement in trade 
performance — non-oil exports 
are running about 11 per cent 
higher than a year earlier, 
while imports are 8 per cent 
higher— is a reflection of the 
sharp devaluation of the 


pound's value last year. 

Over the past few months, 
however, the figures have been 
difficult to interpret because of 
highly erratic month-to-month 
fluctuations. For the first 
quarter as a whole, imports 
were sharply lower than in the 
last months of 1986, while ex- 
port growth appeared to level 
off. 

That latter factor is likely to 
explain the Government’s deter- 
mination to halt sterling's rise. 
The pound's gains over the past 
two weeks have already eroded 
a sizeable part of the competi- 
tive gains flowing from last 
year’s devaluation. Because of 
that, most City economists still 
believe that the current account 
will be in deficit this year. 

Mr Kevin Gardiner at War- 
burg Securities said that ex- 
porters faced a loss of competi- 
tiveness later in the year, while 
an expected upturn in consumer 
spending would boost imports. 

At Alexanders Laing and 
Cruickshank, Mr Andrew Smith 


said he was still forecasting a 
deficit of £1.9bn this year. 

The Bank of England is likely 
to be cautious about letting 
interest rates fall further 
because of its concerns about 
potentially inflationary pres- 
sures in the economy. 

The Bank yesterday confirmed 
that sterling MS, the broad 
money supply measure, grew by 
2L4 per cent in the year to 
April Although growth in MO, 
the narrow money supply 
measure, was only 3.5 per cent, 
the authorities believe that 
other factors — including rises in 
house prices— cany a warning 
on inflation. 

The authorities appear to ack- 
nowledge, however, that if the 
pound continues to climb they 
could be forced to cut rates. 
Yesterday the sterling index 
rose another 0.1 points to 73.3, 
its highest level since July last 
year. 

Balance of payments table. 
Page 6 


Decision 
on B Ae 
Airbus 
aid ‘soon’ 

By Michael Donne, 

Aerospace Correspondent 

A GOVERNMENT decision is 
expected soon, possibly on 
Tuesday, on the level of cash 
support to enable British Aero- 
space to participate in the de- 
veloping the next generation 
of Airbuses — the medium-range 
twin-engined A330 and the four- 
engined long-range A 340. 

The Government is believed 
to have improved on its offer 
of £400m made in response to 
a British Aerospace request for 
£750m. The Department of 
Trade and Industry, after 
several weeks of delicate nego- 
tiations, Is expected to pro- 
pose launch aid of between 
£500ra and £600m to the 
Cabinet 

British Aerospace is likely 
to accept this although it pre- 
viously said it would need as 
much as possible of the £750m 
to avoid having to withdraw 
as the prospective wing-builder 
for the aircraft 

Its argument was that the 
£750m, repayable through 
levies on aircraft sales, would 
only cover non-recurring de- 
velopment costs of the wings 
and that it would have to find 
up to another £450m from its 
own resources to cover produc- 
tion costs before cash began 
to flow in from sales. 

It is understood that DTI and 
Treasury negotiators made it 
clear that the Government was 
unwilling to subscribe the full 
sum, and that British Aero- 
space would have to yield some 
ground in response to an im- 
proved government offer. 

The Government was aware 
throughout the negotiations of 
political consequences if British 
Aerospace had to withdraw 
from the ventures which in- 
volve other countries in ■Wes- 
tern Europe. 

There has also been pressure 
from Airbus Industrie for early 
decisions from shareholder gov- 
ernments, including Britain. 

Competition from the new 
McDonnell Douglas MD-11 air- 
liner. the replacement for the 
existing DC-10, is increasing. 
Airbus is concerned that fur- 
ther delay would result in Mc- 
Donnell Douglas capturing 
some of the 10 airlines that 
have provisionally ordered up 
to 124 A330-A340 aircraft. 
Enlarged aircraft's maiden 
flight, Page 3 


Job training scheme problems 
increase as agencies pull out 


BY CHARLES LEADBEATER AND DAVID BRINDLE 


THE GOVERNMENT'S job 
training scheme is running Into 
increasing difficulties. 

Against a background of 
growing union opposition, three 
of the nine independent agen- 
cies involved in trials for the 
full scheme are understood to 
be pulling out because of a 
shortage of funds. 

The agencies manage the 
scheme under contract to the 
Manpower Services Commission, 
and have been operating since 
November. Those which have 
pulled out believe they do not 
have the funds to provide 
adequate training. A further 
agency has had its contract 
rescinded. 

Civil servants at the Depart- 
ment of Employment are likely 
to vote to take industrial action 
in an effort to block the expan- 
sion of the scheme. 

The Civfl and Public Ser- 
vices Association's 30,000-strong 
Department of Employment 
section will vote next weekend 
on an executive committee 


motion calling for a campaign 
of opposition to the scheme in- 
cluding industrial action. 
CPSA members in unemploy- 
ment benefit offices and Job- 
centres play a vital role in 
placing unemployed adults on 
the scheme. 

Leaders of the Society of 
Civil and Public Servants, 
which represents more senior 
staff in Jobcentres will next 
weekend urge its members to 
campaign for Improvements in 
the scheme. However, the 
union is unlikely to take in- 
dustrial action or oppose the 
scheme outright. 

The growing union campaign 
is likely to force the TUC 
general council to reassess its 
qualified support for the scheme. 
The Wales TUC yesterday voted 
to withdraw co-operation follow- 
ing a similar decision last week 
by the Scottish TUC, 

The Government announced 
in January that the scheme 
would be expanded to provide 
110,000 places by the autumn. 


Trainees are paid an allowance 
broadly in line with the benefits 
they received while on the un- 
employment register. 

The CPSA wants this allow- 
ance to be raised. It is also 
concerned that the expansion 
of the scheme will lead to a 
drop in the number of places 
on the Community Programme 
for the long-term unemployed, 
and thereby the number of staff 
employed to administer the 
programme. 

Although the vote at the 
Wales TUC was against its 
leadership’s wishes, the 
scheme's critics believe there 
is a momentum for the TUC 
as a whole to withdraw national 
co-operation from the scheme. 

The TUC’s three MSG com- 
missioners have broadly sup- 
ported the scheme, but with 
reservations about the allow- 
ances paid to trainees. The 
TUC Is awaiting Lord Young's 
response to criticisms before 
reconsidering its position. 


US, Japan set trade objective 


BY STEWART FLEMING, US EDITOR IN WASHINGTON 

THE US and Japan should day, again stressed his desire to 
have as “a key objective ” the see the duties removed. 


reduction of the “politically 
unsustainable ” trade imbalance 
between the two countries, 
President Reagan and Mr Yasu- 
biro Nakasone, the Japanese 
Prime Minister, said yesterday 
in a joint statement 
The statement added that 
Mr Reagan “ emphasised his 
determination to reduce the US 
budget deficit," but it gave no 
indication of a shift in policy 
on the budget by the White 
Bouse, although there is con- 
tinuing speculation that such 
a shift is being considered. 

Separately Mr Reagan and 
White House officials also 
hinted strongly that Washing- 
ton would like to lift the con- 
troversial penalty duties on 
Japanese electronic imports be- 
fore the seven-nation summit in 
Venice in early June. 

The duties were imposed 
after US allegations that Japan 
had been dumping semi- 
conductors in world markets, 
breaching a bilateral accord on 
semiconductor trade. 

Mr Nakasone, in a speech to 
the National Press Club yester- 


CHIEF LONDON PHICE CHANGES YESTERDAY 

(Prices In pence unless otherwise Indicated) 

Lloyds Bank 548 

19 Lucas lads. 5SS 

21 
25 
7 

105 
13 


RISES 

BAT Inds 521 + 

BOC 463 + 

Beech am 544 + 

BP 323xc + 

Checkpoint Europe 375 + 

Clayton. Son 233 + 

Comb. Eng. Stores . 360 + 38 
Country & New Twn 174 + 12 

Delyn Pack- 375 + 10 

INOCO 56 + 4 

Jaguar 574 + 18 

Jones & Shipman... 147 + 11 
Klein wort Benson... 494 + 21 

Kwik Save 295 + 8 

Ladies Pride 96 + 8 


Next 354 

Reed IntL 442 

Rivlin 164 

Rowntree Mackntsh 510 

Stockley 125 

Sun Life filtt 

Ultramar 227 

Utd. Scientific 263 

Wolver. & Dudley— 335 


+ 30 
+ 13 
+ 8 
+ 12 
+ 7 
+ 9 
+ 8 
+ A 
+ 6 
+ 18 
+ 10 


FALLS 

Plessey - 224)- 111 

STC 287 -8 

Vaux 535 — 24 


Privately some US officials 
concede that the decision to im- 
pose the duties was ill- 
conceived. They say that the 
first opportunity to remove 
them will come in the middle 
of the month when trade figures 
will be available which may in- 
dicate that dumping by Japan 
has ended. 

To lift the duties before then 
would imply Washington was 
backing off from the tough line 
it bad taken, spurring renewed 
criticism of the White House's 
trade policy on Capitol Hill 
and strengthening protectionist 
sentiment. 

Apart from Mr Nakasoue’s 
announcement of the move to 
lower Japanese interest rates, 
his visit produced no new initi- 
atives aimed at meeting US 
criticism and Congressional 
anger at Japanese trade and 
economic policies. 

Even the White House, which 
has been trying to put the best 
gloss possible on his trip while 
still leaving no doubt that it Is 
unhappy with Japan's trade 
— j policies, expressed dismay with 
the report from Tokyo of an- 
other record trade surplus. 

In his speech to the National 
Press Club following his White 
House visit, Mr Nakasone said 
the Japanese trade surplus with 
the US was falling already in 
volume terms and would begin 
to decline in dollar terms this 
year. 

Be said he was “ deeply 
concerned " that the economic 
policy tensions could aa threaten 
the foundations ” of the rela- 


WORLDWIDE WEATHER 




Vday 



Vday 


— 

Vday 



Vday 



midday 



midday 



midday 



midday 



•c 

•F 



•c 

•F 



°C 

“F 



■c 

F 

Aiacclo 

s 

19 

66 

Dnllsst 

C 

IB 

64 


S 

19 

Kfi 

Prague 

F 

21 

70 

Alglfrw 

C 

18 

M 

Dublin 

F 

11 

52 


s 

24 

75 

Bykivk. 

F 

1 

34 

Amadm. 

H 

14 

S7 

Ohrvnk. 

S 

20 

68 

Majorca 

s 

23 

73 

Rhodes 

h 

15 

b9 

Athena 

F 

16 

61 

Ednbgn. 

c 

to 

so 

Malaga 

c 

20 

58 

Rio J'ot 




— 

Bahrain 

S 

36 

07 

Faro 

s 

22 

72 


F 

18 

64 

Roma 

F 

18 

64 

Korelna. 

S 

18 

04 

Florence 

c 

20 

88 

M'enstr 

c 

10 

60 

Salzbrg. 

S 

20 

88 

Belfast 

s 

11 

52 

Franklt. 

F 

20 

H8 

Malbne. 

F 

17 

83 

S’ cl scot 

H 

13 

55 

Bulg'd. 

F 

23 

73 

Gsnsva 

S 

20 

88 

Mac. C.t 


— 


Seoul 

8 

23 

73 

Berlin 

T 

13 

5b 

Glbrllr. 

c 

18 

64 

Miamlt 

S 

19 

68 

Singapr. 

F 

29 

84 

BUrMz 

5 

25 

77 

Gl'sg'w 

F 

10 

SO 

Milan 

F 

20 

68 

S'dagot 




Brnghm. 

n 

9 

48 

0 miay 

C 

12 

54 

Montrl.t 

F 

4 

39 

Stckhm. 

S 

20 

88 

Black pi. 

F 

10 

bO 

Helsinki 

s 

22 

72 

Moscow 

S 

20 

88 

S trass bg. 

s 

22 

72 

0. Airoo 


— - 

— 

H. Kong 

F 

29 

84 

Munich 

s 

21 

70 

Sydney 

c 

19 

66 

Bombay 

C 

31 

as 

Innsbrk. 

5 

21 

70 

Nairobi 


. 


Tangier 

F 

23 

73 

Bordi. 

S 

23 

73 

Invrnse. 

F 

8 

46 

No Dies 

s 

19 

66 

Tal Aviv 

s 

20 

88 

Baulgn. 


— 

— 

l.o. Man 

S 

10 

50 




— 

Taneri le 

c 

21 


Bristol 

R 

13 

55 

Istanbul 

C 

9 

48 

Nwesll. 

R 

B 

46 

Tokyo 

R 

19 

66 

Bruasrtm 

C 


S3 

Jan ay 

c 

T4 

57 

N Delhi 

F 

29 

IW 

TVntot 

s 

5 


Bunpsi. 

s 

24 

75 

Jo'bure 

s 

24 

76 

iN Yorkt 

F 

9 

48 

Tum> 

F 

21 

TO 

Cairo 

s 

22 

72 

Laads 

c 

12 

64 


F 

IB 

64 

Valencia 

S 

20 

en 

Cardiff 

R 

11 

52 

L. Pirns. 

s 

22 

72 

Nicosia 

F 

19 

58 

Venice 

s 

21 

To 

Caps T. 

s 

20 

79 

Lisbon 

5 

22 

72 


S 

IS 

68 

Vienna 

s 

22 

72. 

Chicg.t 

F 

U 

A b 

Locarno 

3 

19 

66 


C 

9 

48 

Warsaw 

s 

23 

73 

Cologne 

C 

IB 

64 

London 

F 

17 

63 

Pam 

F 

19 

89 

Wah'gtn 

s 

11 

6? 

Cpnhgn. 

R 

13 

55 

L. Ang.f 

C 

15 

55 

Peking 


— - 



WeU'gtn 

ft 

7 

45 

Corfu 

5 

IB 

64 

Luxmhg. 

c 

Ifl 

61 

Perth 


— 

— 

Zurich 

a 

20 

88 


Sunny. 51— Slaat. Sri-—. Snow. T— Thunder, 
t No on GMT untmraiuna. 


tfonshlp between the two 
countries. 

He then enumerated the 
measures which Japan Is taking 
to meet US demands, all of 
which have been disclosed pre- 
viously including a $36bn fiscal 
stimulus package. 

He also mentioned the plan 
to double Japanese aid to 
developing countries over the 
next seven years and a plan to 
recycle some $20bn of new 
government and private funds 
to Third World debtors in Latin 
America and Asia, in addition 
to SlObn committed earlier in 
the year. 

The Reagan Administration 
has welcomed these initiatives, 
but wants to see action to back 
up the promises. 

The White House caution was 
evident again yesterday when 
Mr Marlin Fitzwater, the White 
House spokesman, described the 
meetings between Mr Reagan 
and Mr Nakasone as “ quite pro- 
ductive in a number of ways.” 

On Capitol Hill, amid sceptic- 
ism about Mr Nakasone’s ability 
to deliver on his promises be- 
cause of bis political weakness 
at home, there has been little 
sign that Mr Nakasone's visit 
has done anything to dampen 
demands to exert increased 
pressure on America's Asian 
ally to open its markets and do 
more to help reduce the US 
trade deficit. 

In particular, there are doubts 
about whether the modest in- 
terest rate cuts Japan is making 
will do much to stimulate the 
Japanese economy, even if they 
may help stabilise the dollar/ 
yen excha nge rate. 

EPROM dumping “ has 
stopped,” Page 2 


Bloom 
goes off 
claret 
boom 


By David Hoioego In Paris 
PRICES for young Bordeaux 
vintage wines are. falling, for 
the first time in more than 
decade. This is causing growers 
and dealers to fear that the 
claret boom of recent " years 
could be reversed. 

Proprietors of the major 
growths — grands crus — have 
begun to put their 1986 wine on 
the market at prices 10 to 20 
per cent less than those of last 
year. Chateau Mouton- 
Rothschild and Chateau Lafite- 
Kothschfld — two of the leading 
first growths — are offering their 
wine at FFr 180 (£18) a bottle 
ex-chateau, compared with 
FFr 200 last year. 

Lesser known chateau trying 
to keep their prices close to 
1986 levels are havingdiffi culty 
in finding buyers. The 1986 
vintage was a large crop of 
what is generally considered 
good wine. 

The exceptional 1982 and 
1983 vintages as well as the 

moderate 1985 vintage, may be 
had from dealers in Bordeaux 
and London at about 30 per 
cent less than their listed 
Bordeaux prices. The 1982 
Chateau Rchon Longuevilie 
Lalande has been available in 
London at the equivalent of 
FFr 207 a bottle, compared with 
a listed Bordeaux price of 
FFr295. 

VTntex, a British firm of Bor- 
deaux brokers, is offering 1983 
Chateau Ducru BeaucaiDou at 
FFr 130-140 a bottle for large 
purchases, against a going price 
of FFr 190-215 at Bordeaux. 

Various factors have made 
the market nervous. 

• Prices are generally recog- 
nised to have been pushed too 
high by the speculative boom of 
recent years, which has trans- 
formed the major Bordeaux 
growths into investment com- 
modities, too expensive for most 
people to drink. 

• The sharp fan in the US dol- 
lar has removed American pur- 
chasers from tiie market. 
Almost worse than that, US 
buyers who had overstocked 
are now depressing prices by 
selling earlier vintages. There 
are reports that some US pur- 
chasers have defaulted on their 
1985 acquisitions. 

Negotiants or dealers at Bor- 
deaux are unable to unload 
the 1984 vintage, which has a 
bad name, and many still carry 
large stocks of 1985. 

• la Britain, buyers who took 
advantage of the tax provisions 
of business expansion schemes 
to “invest” in wine are being 
forced to sell under provisions 
of the 1886 Budget. British 
buyers stocked up heavily with 
the 1981. 1982 and 1983 wines. 

The 1986 vintage, a large 
crop, is adding substantially In 
unsold stocks. 

Mr Stephen Spurrier, a well 
known British wine dealer in 
Paris, says: “The speculative 
era in wines is completely 
over,” 

The hope of Mr Michael 
Broadbent, wine expert at 
Christie's, the auctioneer, is 
that 1986 will prove a year like 
1979 — a vintage that was sold 
slowly while the market 
absorbed those of earlier years, 
but eventually be recognised 
for its value. 

He warns, though, “Prices 
have to come down. The danger 
is that there could be an un- 
controllable slide.” 

Mr William B latch of Vmtex 
says prices will stabilise. 
Chateau Latour, another of the 
leading major growths, which 
had cut its prices this year on 
a range of 1970s and early 1980s 
vintages, has raised them almost 
to their former level. 

Unlike the 1974-75 crisis, 
stability is being promoted now 
by the stronger financial state 
of the large chateaux, which 
can afford to carry big stocks. 

The next key element In 
determining the trend of prices 
will be the size of the 1987 
crop. A large flowering next 
month, with the prospect of 
another big crop, might pro- 
voke panic sales, some dealers 
fear. 


Continued from Page 1 

Prime lending rates 


the currency, might signal a 
rift between him and the 
White Bouse. 

The prime rate increase, led 
by Citibank, had been expected 
because of recent turmoil in 
foreign exchange and credit 
markets induced by the dollars 
weakness and worries over 
trade issues. 

The move had little 
immediate impact on the dollar 
but baud prices fell more than 
a point and a half. Stock prices 
held on initially to modest 
gains before turning lower in 
the afternoon. 

Mr Volcker was seen as giv- 
ing the markets his blessing for 
a prime rate increase, one 
analyst said. The fraught condi- 
tions of currency and credit 
markets made it "a good time 
politically.” 

Foreign exchange markets re- 
mained sceptical about signifi- 
cant progress on solving US- 


Japanese trade and currency 
problems. Analysts suggested 
the dollar could come under 
selling pressure. 

While many analysts said 
the prime rate rise would have 
little effect on the US domestic 
economy, further Increases in 
industry’s cost of borrowing 
could slow the US economic 
growth rate from the currently 
sluggish level of about 2 per 
cent a year. 

Philip Stephens in London 
writes: The simultaneous fan 
in Japanese and rise in US rates 
helped to stabilise the dollar 
against the yen yesterday but 
the US currency weakened 
against the D-Mark. 

In a generally quiet market, 
because of closure of several 
European centres, the dollar 
closed in London at DM 1.7795, 
down from DM 1.7980 on Thurs- 
day and at Y140.35 against 
Y140AO. 


Continued from Page 1 


Kinnock 


"It would be nice to let a 
1,000 flowers bloom, to ignore 
the inanities and tolerate the 
zealotry. It would be accom- 
modating and pleasant, and it 
would also be stupid and utterly 
wreckless for the party in ignore 
these things,” he said. 

So Labour had acted against 
indiscipline this week and 
would do so again if necessary. 
Dissenters had to get It 
straight. “That's how we will 
deal with such selfishness and 
self-indulgence, and those who 
dont get it straight will suffer 
the consequences. That’s their 
choice,” be said. 

Mr Kinnock, asked outride 
the conference what be would 
say to party members con- 
tinuing to make black sections 
an issue in the weeks before 
tiie election, probably in June, 
said: “I would say shut up," 


THE LEX COLUMN 

Dollar auction 
in reverse 


By tiiis time next week, with 
Thursday’s local government 
elections out of the way, the 
date of the general election 
might be about to be 
announced. The markets' habit 
of anticipating events — you 
would ™nk Mrs Thatcher’s 
victory speech had already 
died on the wind — has enabled, 
indeed required, one base rate 
cut. The flow of money into 
sterling barely paused on that 
news and only aggressive 
Bank of England se lling seems 
to have stopped the pound 
rising above DM3. Another cut 
in interest rates too soon 
would look -irresponsible as 
well as blatantly electioneer- 
ing. But a delay in naming the 
day would be taken amiss by 
the markets, in the fear that 
some bad news, as yet tm- 
V-~-wn except to the authori- 
ties. is in the pipeline. 

While the UK authorities 
were struggling to keep the 
pound in check, using the tradi- 
tional interest rate and inter- 
vention weapons, the dollar 
problem has been quite the 
opposite. But although there 
bas been intervention and 
rhetoric aplenty, the Federal 
Reserve Board's reluctance to 
apply the Interest rate deterrent 
has been such that currency 
speculators no longer take much 
notice. Mr Volcker, the Federal 
Reserve chairman, added " abso- 
lutely and fundamentally” in 
front of the familiar remark 
that the dollar has fallen .far 
enough, but that just sounded 
like wolf cried even louder. 
The response was so feeble a 
rise in the dollar that it could 
hardly be called a bounce. 

For a moment on Thursday 
night it did look as though the 
interest rate differential be- 
tween the US and Japan would 
be forcibly widened. But when 
ft turned nut that Mr Nak* 
gone, the Japanese Prime 
Minister, only meant a slight 
weakening in money market 
rates when he talked of an 
interest rate cut and that 
"snugging” was a cosy word 
for only a slight tightening in 
US monetary conditions, that 
hope was fleeting, too. In fact, 
most interest rates in the US — 
primes, fed funds, bond yields 
—have already risen. A half 
point increase in the discount 
rate would merely follow them; 
it is an open question whether 
the market has already raised 
yields enough to make next 
week's auction hearable. 

What is needed to stop the 
dollar failing again next week Is 
a much more determined show 
that such a slide would be 
resisted. That would be as 
politically difficult In the US as 
the opposite is now easy in the 


Index rose 14J9 to 1626.9 



UK. Cutting tiie budget deficit 
and putting up interest rates 
may never be popular, but 
unless the US is prepared to 
take some of tiie pain the rest 
of the world will not either. 

Ratners/CES 

The odds on the Ratners-CES 
agreement sweeping un- 
molested past the OFT and 
potential counter-bidders can- 
not be very high. But one way 
or another the Ratners revolu- 
tion in jewellery retailing will 
soon be brushing away tiie 
high margin/slow stock turn- 
over cobwebs from several 
more dark corners of the trade. 
The speed at which H. Samuel 
has been increasing its profits 
per sq ft— even allowing for 
provisions— has been remark- 
able, and tiie lease-backs have 
released the balance sheet for 
further advances towards 1,000 
outlets rather more quickly 
than expected. 

CES’s asset-profile is far 
weaker than Samuel's but the 
trick can be repeated through 
the sale of several non-jewellery 
businesses which Ratners does 
not want; the Biba chain in 
Germany is, alone, valued at 
dose to £80m. Salisbury's, the 
hand-bag and fashion accessories 
group, is a different matter. At 
present speed, Ratners is going 
to outgrow the relatively small 
jewellery market within tiie next 
three years and Salisbury's is a 
logical diversification. But if 
anyone else wanted to buy CES 
for the sake of Salisbury's, the 
jewellery shops might well be 
offered back to the super- 
dominant Ratners as a way to 
drop the cost of the deal. 

For that reason alone, a refer- 
ence Is more likely than a 
counter-bid unless Ratners can 


destroy all evidence of its recent 
market-share boasts or persuade 
the OFT to look at a very wide 
d efini tion of the market; how- 
ever, a contingency plan to dis- 
gorge rather more than the 60 
shops already offered up is no 
doubt in place. The 19 times 
exit multiple Is reasonable but 
not over-generous and although 
there should be earnings en- 
hancement over six months — 
unless canniballsation is worse 
than expected — there may be 
some dilution over 12. 

Sun Life 

The sudden explosion of full- 
page advertisements soliciting 
votes is not a foretaste of the 
election, though it is extremely 
political. On the face of it. Sun 
Life’s extravagant burst of ad- 
vertising appears an over- 
reaction to the candidature of 
three gentlemen representing 
Sun’s largest shareholder, 
. TransAtlantic, even il the Im- 
mediate background Is Trans- 
Atlantic's use of ltsr26 per cent 
stake to block a proposed re- 
organisation of Sun Life 
earlier in the year. For there 
is nothing to complain of in the 
credentials of the three Trans- 
Atlantic candidates, and Trans- 
Atlantic is a shareholder in 
good standing (though possibly 
not in good odour).. 

The difficulty that Sun Life 
has in welcoming directors from 
TransAtlantic is rooted in two 
connected ideas: South Africa 
and creeping control. Whatever 
TransAtlantic may say to the 
contrary, it is in substance a 
vehicle for Liberty Life of 
South Africa, and if the share- 
holders in Sun Life vote for 
TransAtlantic they will effect- 
ively be passing control to the 
South African group. That is 
not because a quarter of the 
votes plus -A of the board may 
arithmetically -constitute con- 
trol (there is no such equation); 
but deciding to vote for Trans- 
Atlantic’s nominees against the 
opposition of Sun Life's board 
—a rather frantic opposition, in 
fact-— would be a vote of no con- 
fidence in that board. 

Since there would then be 
no incentive to Liberty Life to 
add to its position by purchas- 
ing a majority of tiie shares. 
Sun Life shareholders need not 
expect to see a premium for 
change of control appear in 
their share price. At £11}} up 
A yesterday. Sun Life shares 
stand perhaps £2 below the 
level that might be reached in 
a proper bid. If it were a 
proper bid, of course, those 
newspaper advertisements 
would not have been allowed 
to appear. 


M Two year 

^ performance 

to 1st April 


Ernst 

Percentage 

increase 

Position 

in 


in value 

sector 

European 

+151.4 

1st 

Worldwide Recovery 

+101.3 

2nd 

International 

+88.2 

9th 

Pacific 

+85.6 

16th 

Income & Growth 

+78.7 

10th 

UK 

+75.9 

47th 

Practical 

+71.8 

1st 

Japan 

+70.7 

26th 

High Income 

+58.1 

13th 

American 

+27.5 

20th 


KgDNMDM^K DoawCMmrtalUiwaMialfiiMMd: 


Above we detail tiie performance of all our 
onshore authorised unit trusts. 

For further details about any of the above 
funds, write to Oppenhehner Trust 
Management, Mercantile House, 66 
Cannon Street, London EC4N 6AE. 


Anwmbwcwirenyof^ 



Oppenhrtmrr 

Awtimmuuf 




aatipu 



Financial Times 


W1 


JtD FT I 



Saturday May 2 / Sunday May 3 1987 


• MARKETS • FINANCE &THE FAMILY* PROPERTY* TRAVEL* MOTORING • DIVERSIONS • HOWTO SPEND IT* BOOKS • ARTS • TV 


John Elliott visits Bhutan, where the search for gross national 
happiness co-exists with worldlier concerns about GNP 

The modern path 
to enlightenment 


R ED ROBED monks, chanting 
prayers an d tinkling bells, filed in 
a long line across the Himalayan 
b$Jlskte to pay homage to a huge site 
tapestry of a giant Buddhist saint The 
brightly coloured tapestry, called a 
Thangka, celebrates the coming of 
Buddhism to Bhutan from Tibet, in the 
ninth century. Zt is never exposed to 
the rays of the sun, and its annual pub* 
lie display is one of the most important 
events in the Bhutan religious calendar. 

Central' Bhutan, a tiny kingdom sand- 
wiched between China and India, was 
closed to the outside world until the 
early 1960s. A highly traditional, Bud- 
dhist-based society, it Is now trying to 
maintain its own culture and values 
while warily opening its doors to devel- 
opment— -and tourism. 

“We are convinced that we must aim 
for contentment and happiness. Whether 
we take five years or 10 to raise the per 
capita income and increase prosperity is 
not gomg to guarantee that happiness, 
which includes political stability, social 
harmony, and the Bhutanese culture and 
way of life,” says Bing Jtigme Sdngye 
Wangchuck. the country's 32-year-old 
monarch, who puts gross national happi- 
ness above targets of gross national 
product. 

Bhutan does not want to follow Nepal 
into rapid development, with the allied 
pitfalls of corruption and wasted re- 
sources, mass tourism, and drug and 
other problems. Bhutan sees the mainte- 
nance of its unique life style as its best 
bulwark against its powerful neighbours, 
or disruption by some future domestic 
political upheaval. 

“Independence through an. indepen- 
dent culture,” says the King. The dov 
opening up is to proceed even more 
cautiously. Bor example, the more 
sacred mountains and monasteries are 
being closed to foreigners, and there is 
to be no rapid expansion of tourism. 
Offers of foreign equity investments in 
industry are, on tire whole, refused. 
Cnltqru and religious education in 
schools is being increased. 

Bhutan uXhod of strange contrasts 
tor a country which is part of the 
crowded, generally corrupt, end politic- 
ally volatile Indian subcontinent There, 
extremes are marked by technological 
gaps such as those between bullock carts 
and spaoe aatellltes. and by horrifying 
poverty alongside opulent, often arro- 
gant, wealth and power. In Bhutan the 
contrasts are softer. 

It is a sparsely populated country with 
not more than 1.2m people (some erta- 
matos say far tower) bn its mountainous 
18,000 square mUee— roughly a fifth of 
tim UK’s bad area. It has strong, 
Buddhist-based cultural traditions; old- 
world ; etiquette and values. Tall white 
Buddhist prayer flags flutter on hillsides. 
People greet each other formally, and 
defer to authority. There is a colourful 


uniformity In both the widely-worn 
national dress end the religious archi- 
tecture. 

Bhutan has no crippling urban or 
rural poverty, though statistically it is 
one of the world's poorest nations, with 
an official per capita annual income of 
about $160. (In Bangladesh the official 
figure is $159.) Because wheeled traffic 
was introduced only in the past 25 years, 
there are no dilapidated vehicles. But 
the traditional society contrasts with the 
latest m consumerism. 

New Toyota cars and minibuses run 
on smooth black roads. Video shops 
flourish in the uninspiringiy planned 
new capital, Thimphu — though there are 
no television programmes, and not even 



a proper book shop. Bhutan’s first weekly 
newspaper. rKuensel,” last year replaced 
a typed news-sheet. It has a circulation 
of 7,000, and is produced with (partially i 
solar-powered) AppfeJtfacltiritosh com- , 
outers and laser proof printing: But tor— 
XueneeTs launch, tntonks chose en aus- 
picious day and insisted that the com- - 
puter screens all faced south. 

Bhutan's historical isolation was 
dictated by mountain geography which 
has always kept it independent; despite 
being coveted by India, both during and 
after British role— and by China. From 
India, to the south, travellers cross the 
hot plains of West Bengal (by road, or 
one of two 18-seat Domier prop aircraft, 
belonging to Bhutan's airline, the four- 
-year-old Druk Air). A Ugh mountain 
range looms ahead. This is the southern 
edge of the tropical foothills of Bhutan. 

The area is populated mostly by 
Hindus of Nepalese origin—. one of 
several ethnic groups which have strayed 
across national and provincial borders in 


i this part of south Aria, forming an 
official 25 to 30 per cent of Bhutan’s 
toted population (unofficial estimates put 
them at 40-50 per cent). 

In the far north of the country the 
great Himalaya region, inhabited by 
nomadic yak herdsmen, rises to the re- 
mote closed border with China's “auto- 
nomous region" of Tibet 

It is the area in between— Bhutan’s 
central timer Himalayan region, where 
mountains rise to 17,000 feet— winch 
provides the country with its cultural 
base and most of its governing elite. 
This is the home of the dominant, 
Dzukpa sect of Mahayana Buddhism 
(which gives Bhutan its real name of 
Druk. Yul— land of the Thunder 
Dragon), and of Dzonkha. the national 
language, similar to Tibetan. 

Yaks and the occasional tiger can be 
found in the foiUg and mountains of 
green, densely wooded, thinly populated 
central region. There are scattered 
settlements of tall farm bouses, and on 
the hiiUrides are dusters of prayer flags, 
occasional monasteries with their spin- 
ning prayer wheels, small sacred towers 
or “chortens,” and massive, picturesque 
“dzongs,” which house both monasteries 
and government offices. These damns, 
some dinging, fortress-lake, to cliff 
edges, dominate the co unt ry sid e. Topped 
With shallow, pagoda-style roofs, they are 
built around gaUeried courtyards decor- 
ated with Buddhist abstract paintings. 
They emphasise the country's monastic 
and feudal traditions: a line of spiritual 
and temporal authority. 

There are between 3,000 and 4,000 
monks in Bhutan, some sent to their 
monasteries when only five years old. 
They sit in lines, cross-legged an the 
temple floors, rocking bade and forth to 
their haunting: discordant ^*h»ntfng. 
Kost people dress in dark red monkish 
robes, or in toe colourful national dress. 
Men wear a long loose coat, called a 
kho. wrapped loosely into tolds and tied 
around toe waist with a thin belt With 
the dress goes a scarf denoting autho- 
rity and- status. The long and toe bead 
- kina wear saffron scarves; ministers and - 
deputy ministers orange; senior civil 
servants and regional officials red; and 
other people wear white. 

Bhutan might have remained in almost 
total isolation but for toe Chinese occu- 
pation of Tibet in Z959. This catapulted 
the sm al l kingdom into social and econo- 
mic revolution. Internal political and 
economic stability has followed. 
Bhutan has dosed toe border with Tibet 
(still shut, apart from some small-time 
smuggling) and developed increasingly 
dose ties wdtb India — which has thus 
gained a friendly dependent buffer state 
next to China. 

The 1960s were politically volatile. 
There were dashes between rival power 
groups in Bhutan. the assassination 
■ of a prime minister. Now, in a country 


: v ‘ .• • • 



with low literacy!— around 20 per cent — 
and little urbanisation, there are no 
evident political dissidents (and no poli- 
tical parties) either at home or in exile. 

Development was begun almost from 
scratch. There were no roads— toe first 
road to the Indian border was opened in 
1968. (In 1957, Mr Jaweharlal Nehru, 
India's prime minister, travelled by 
mule, horse and yak for nine days to 
reach Thimphu, the capital.) Indians 
staffed Bhutan ministries, Bhutanese 
have only gradually been taking over, so 
there are few ministers or civil servants 
much over the age of 40. A small, steady 
flow of Bhutanese is returning from 
education abroad— one of the most re- 
markable statistics is that only three out 
of more than 1,000 students who have 
gone abroad during toe past five years 
have failed to return home to live and 
work. (When they do return, they are 
put on a six-week cultural and religious 
course and sent for up to a year to work 
in rural areas.) 

India still dominates toe Bhutanese 
economy. In the forthcoming five-year 
plan k will provide 40 per cent of £500m 
expenditure, toe balance made up, on a 
50-50 basis, between foreign aid and 
•ritonoal-resouroes. India builds Bhutan's 
roads (tortuous, contour-bugging roads 
which compare badly with the Chinese 
roads built in nearby Nepal and Paki- 
stan), and has a significant military 
training presence. India controls services 
such as telecommunications, banking, 
and airline flights. 

The King spelt out som? of toe less 
fortunate side-effects of Bhutan's rapid 
opening-up. Partly educated in toe UK, 
be is the driving force in his country's 
development, an active chairman of the 
pl a n i n g commission, now finalising its 
sixth five-year plan (to 1092). He has 
been head of both the Bhutan state and 
of its government for 14 years. . 

"We are fortunate in developing late 
at a time when other countries, which 
went through our present stage of 


development 30 or 40 years ago, are 
becoming aware of what they have done 
wrong. Many have developed a modem 
society but none has kept its strong 
traditions and culture, which we want to 
do. Corruption began when development 
started m 1961. Maybe not seriously, 
compared with other countries, but 
serious by our standards.” The King is 
also concerned that, like other develop- 
ing nations, Bhutan has accepted aid 
without adequate internal administrative 
abilities and efficiency. 

Development has had other effects, 
the King explains. “Our own people 
started stealing images from monas- 
teries, ransacking them, and selling the 
treasures in Darjeeling and Nepal. That 
would have been unthinkable 10 or 14 
years ago. They stole from the villages 
and took old handicrafts and valuables 
from their own homes. Some of our best 
religious objects have gone.” Some 
Bhutanese handbooks ask visitors not to 
buy antiques, and not to give pens or 
sweets to children. 

Problems associated with development 
have led to Increased emphasis on the 
Bhutanese way of life — and also to re- 
strictions on tourism, which started in 
1974 — in order to utilise toe 'hotels 
which had been built for guests at 
the King's coronation. But Bhutan’s 
selective, high-price tourism has not 
proved economically viable, though it is 
the biggest earner of forei&i exchange, 
at just over $2m a year. Only 2,000 
tourists were admitted in 1980; last year 
there were 2,405. The tourist target for 
1992 is no more than 3,000. with maybe 
5,000 by 1966. The official ‘’government” 
tourist rate is $90 to $130 a day, depend- 
ing on the season. Mr Jigme Tshultim, 
director of tourism, wants to raise this 
to $130-$X90. 

At least one mountain, -the 24,700 foot 
Gangkar Pumsum, which is one of the 
world’s highest undimbed peaks, opened 
in 1985, has been closed this year 
because local people said expeditions 


were disturbing a deity living on top. 
(Local officials say failed expeditions in- 
clude British climbers, who had to be 
helicoptered out from deep snow last 
year, Japanese who fell rick, and 
Americans who lost their way and did 
not even find the mountain.) 

“People say deities are not happy, and 
so there are hailstorms and bad crops.” 
says Mr Kigzin Dorji, Secretary for 
Religious Affairs, who is drawing up a 
list of seven mountains and other sensi- 
tive sites. Two monasteries have been 
shut to protect specially sacred places 
of meditation; more may be at least 
partially closed, including Taktsang, or 
“ Tiger's Nest,” a tiny monastery 
perched on a rocky edge 3,000 feet 
above Paro Valley, which has become a 
target for tourists seeking to prove their 
fitness. 

“Monasteries tor us are sacred places,” 
says Mr Lynopo Dawa Tsering, toe 
Foreign Minister. “We are quite will- 
ing to make the economic sacrifice and 
cut back on tourism— all our culture, 
music, literature, architecture is based 
on Buddhism, and we would not like 
to compromise these values In the quest 
for material wealth." 

As I left the dzong in Thumpbu, the 
monks’ trumpets and chanting were' 
reverberating around the sunlit court- 
yards beneath the surrounding green 
hills. The King had left his palace 
in his Range Rover to discuss the five- 
year plan with villagers. A few small 
groups of tourists were being shown toe 
Tan trie paintings. On toe uncomfortably 
twisty, Indian-made mountain road, 
hundreds of prayer flags flattered high 
on toe .hillsides above Indian and 
Nepalese road-workers’ slum settle- 
ments. 

But Faro dzong and its monastery 
show toe singular style and confidence 
of this strange, tiny Buddhist kingdom 
which is searching for King Jigme's 
“ gross national happiness " — the best of 
all worlds. 


The Long View 


Doomsday will be rather mild 


YOU CAN HARDLY open your 
newspaper these days without 
reading that there is one great 
threat now hanging over us— 
something worse than inflation, 
or unemployment, or debt. 

The Americans have a word 
for it, or rather a pair of names. 
“Smoot-Hawley," says, the Presi- 
dent, urging Congress to turn 
down the tough version of trade 
legislation proposed by Con- 
gressman Richard Gephardt, 
who wants automatic san cti o ns 
against countries with large 
trade surpluses. “Smoot-Hawley” 
echoes George Schulte, talking 
to r farming paper on the same 
subject. 

What Senators Smoot and 
Hawley did, back in 1932. was 
to introduce tariffs, designed 
mainly to protect American 
farmers. It now seems to be 
part of American folklore that 
toe Senators caused toe depres- 
sion of the 1930s. 

This Is a travesty of American 
history; the Smoot - Hawley 
tariffs were a response to the 
slump, which was already gome 
two years old before they were 
introduced. They did not revive 
the US economy, though they 
do seem to have helped to check 
the ruinous fall in farm prices. 

Ia Britain,' history has a much 
more subversive moral to sug- 
gest. The country devalued by 
going off gold in 1982, and 
compounded that with a high 
effective industrial tariff. For 
toe six years up to 1988 we 
enjoyed the. kind of sustained, 
rapid growth that the Govern- 
ment Bk« to -boast about now. 
A price advantage combined 
with high unemployment still 
seem to work the same magic . 

There is still one moral which 
free-trade theorists can draw 
from this history*, neither in 
toe US nor in Britain did trade 
protection have any noticeable 
effect on the trade balance. 

They ore right . then, to 
argue that protectionism is not 
the answer to America's pre* 


Protectionism is 
now supposed to 
be the sin which 
could stunt our 
growth. However, 
both present practice 
and the history of 
die 1930s suggests to 
Anthony Harris that 
these warnings are 
greatly overstated. 

sent problems; but they could 
be quite wrong to argue that 
it is a grave threat to world 
prosperity. Not in toe short 
run, anyway. 

The pure theory of toe 
benefits of free trade cannot be 
refitted. If you are twice as 
good as me at making shoes, 
but three times as good at 
making potatoes, we will both 
be better off if you concentrate 
on potatoes and leave the shoe- 
to me, even though 



•CONTENTS. 


Bodes; Arthur Schlesinger’s America 


Diversions: The range of Paris fashions 


Aiat 


Own 

Coekmr 


Cmwmd XX 

DfnnJam ■ XH-XJV 

Sbmuw ft FmbBv 
OwVmbie >011 

VUI How To Sp«nd K XIV 

XIV Motoring! VIII 


XIX 

XVUI 

VI 


you could do it better. You get 
more shoes by barter, specialis- 
ing where your comparative 
advantage is greater, and I get 
more potatoes by making Shoes. 

The real world, though. Is 
very much more complicated 
than that Countries hare estab- 
lished industries that are 
threatened, and want at least 
to buy time. They have new 
ones which will become com- 
petitive if they are sheltered 
during infancy. 


xvm 


xn 


finance: Insurance propaganda campaign V 

Gardening: Springtime sowing and a springtime gift XHl 

Sport: The lates t from Menlungtse XX 

Travel; Mongolia: steppe into the past VIII 


PNHWV X 

Sport XX 

Stock Marin*! U. til 
London 
Hang Kong 

Travel via 


They have citizens who may 
have a taste for shoemanking, 
and who have been trained to 
do it very wen at the taxpayers’ 
expense. They do not want to 
force these people to emigrate 
in order to exercise thefr skills, 
or to spend money on training 
for the benefit of some other 
economy. Governments may also 
argue that their infantry cannot 
be left to depend on imported 
boots. 

These oversimplified argu- 
ments help to show why, in the 
real world of today, protection 
is widespread. Indeed it Is 
quite difficult to think of any 
commodities in which trade is 
truly unhampered. Tariffs are 
low, but quotas, commodity 
agreements “voluntary" re- 
straint pacts, onerous safety 
tests and arbitrary specifications 
about what can be called beer 
or macaroni or champagne 
covet most kinds of trade. 

The world as a whole might 
be much better off without 
these restraints and distortions; 
but the difficulty, as the Irish- 
man acutely observed, is bow to 
get there from here. The adjust- 
ment would be painful for a lot 
of voters. That is why freeing 
trade is socb a Sisyphean task. 
The whole business slides down 
hill as soon as yon stop pushing. 

In any case, the free trade 
Jeremiahs are not very logical. 
If toe US were to try to address 
' its problems by imposing a tariff 
i such as toe one Britain deployed 
in toe 1930s, there would be 
general lamentatiog. 

But when toe US (or Britain, 
for nr nutter) achieve exactly 
the same effect on relative 
prices by allowing their curren- 
cies to fall in value, free market 
theorists are inclined to 
applaud. They seem to operate 
on toe simple rule: markets, 
good; politicians bad. 

They would employ their 
logic to better purpose if they 
pointed out that a general 
charge on imports would be a 


great deal less harmful than toe 
present effort to punirii success- 
ful countries and industries 
selectively; and, of course, that 
neither devaluation nor import 
charges will make very much 
difference to toe trade balance. 

That is . a matter of living 
within your income, if you ore 
a deficit country, and of not 
living too far within it if you 
are a surplus country — the kind 
of policy convergence that 
James Baker has been urging 
with so little success. It is still 
toe only constructive alternative 
to learning to live with large 
imbalances. 

The real case against Hep 
Gephardt's amendment is not 
that it is dangerous, but that 
it is stupid- It would provoke 
quarrels and so prevent toe 
kind of co-operation which is 
needed. 

On toe other band a general 
import surcharge such as Presi- 
dent Nixon imposed (which is 
incidentally perfectly legal 
under the GATT, unlike toe 
measures now being debated) 
would provoke little more than 
grumbling, and would at least 
help with the US Treasury 
deficit. 

Investors may by now be 
wondering why they should 
bother with this schoolroom 
lecture on economics. The 
reason is simply to know toe 
difference between genuine bad 
news and a lot of ideological 
fuss. 

If you like worrying, watch 
the dollar and the Tokyo stock- 
market. A dollar collapse could 
start an American recession; a 
Tokyo collapse might spread 
temporarily to other markets, 
but I would regard that as a 
buying opportunity. 

If you are a congenital opti- 
mist, watch the British 
economy, and a re-run of the 
1930s. But don't lose too much 
sleep over protectionism; we’ve 
had -it for years. 


objectives: 


6% GROSS INCOME PLUS 
CAPITAL GROWTH 



The new^Wardley 
International Income Trust 

• Investing in a Worldwide combination of Equities! 
Convertibles, Bonds and Gilts to produce 
Income and Growth. 

• Initial gross yield estimated at 6%. 

• Fixed offer price of 25p still on. 

• Discounts of up to 2%. 

FOR FURTHER DETAILS CALL 01-626 4411. 

TODAY! 



Fund Managers Worldwide 

«X> t 

HtoH^HongkogaBa n kgWiitf — — 





H WEEKEND FT 


Financial Times Saturday Kay 2 1087 



MARKETS 


Plenty to welcome 


(0 


WHAT A difference 10 days 
make. 

Back at the Easter ■break, 
dealers were fretting about the 
overseas clouds— on the one 
hand, a prospective trade war 
between Japan and America, 
mid on the other a rise in US 
Interest rates to support the ail* 
lng dollar. 

But last week it was sunshine 
all round. Cheered by an early 
i point cut in interest rates at 
home, and placatory noises from 
the N akason e -Re agan talks in 
Washington, London markets 
romped ahead. 


vinced that Mrs Thatcher is 
set to call a June election; the 
latest opinion polls may indi- 
cate a snail Labour recovery 
but, more pertinently, they 
point to a diminishing Alliance 
threat 


Moreover, as brokers Wood 
Mackenzie point out, the 


absence of chunky cash calls, 
modest gilts funding, and con- 


tinued private investor interest 
— bringing a net inflow of 
£1.7bn into unit trusts during 
the first quarter — means that 
institutional cash flow Is still 
strong. 


On Monday, admittedly, 
dealers cast a passing glance at 
Tokyo’s biggest-ever one-day 
fall, and the poor start by WbU 
Street with the result that the 
FT-100 Share Index dipped 15 
points to 1986. From then on it 
was upwards — 35.5 points 
higher in the wake of Tuesdays 
base rate cut another 16.5 on 
Wednesday, 11.9 on Thursday. 
By the weekend. Footsie had hit 
2068.5, a gain of 67 on the week. 

Gilts bad a share la the party, 
with a hectic session after the 
interest rates cut and the an- 
nouncement of a new £lbn tap 
stock. By Thursday evening, 
the yield on high coupon longs 
was standing at 8.82 per cent. 
With sterling's strength an- 
diminished by the base rate re- 
ductions. analysts are now sug- 
gesting that another similar cut 
cannot be far off; that prospect, 
predicts Warburg Securities, 
could push long yields nearer 
to 8.5 per cent. 

But it wasn't just interest 


London 


the likes of Tesco and Tarmac 
(pre-tax profits up 34.1 and 28 
per cent respectively); a 26 
per cent half-time advance from 
Wellcome, the pharmaceuticals 
group; a 63 per cent surge 
in first quarter figures from 
ICL 

But it was on the bid front 
that the sparks really flew. On 
Wednesday, Norcros, the print- 
ing to building materials group, 
escaped the £57 0m approach by 
Williams Holdings by the 
narrowest of margins — Williams 
mustering 48 per cent of Its 
target's shares, and Charter- 
house, Norcros 1 advisers, pick- 
ing up a key 1.88 per cent in 
tiie final 24 hours. 


rates which provided the cheer. 


The market is increasingly con- 


On that score, the forth- 
coming £1 -36bn Rolls-Royce 
flotation may dent a few casfa- 
pfles. But with the price fixed 
last week at 170p (in the middle 
range of estimates) and given 
the Shares’ partly-paid form, a 
decent premium looks to be 
in view. Small investors, along 
with employees, should get up 
to 40 per cent of the 801.5m 
shares, and have until 10 am 
on Thursday to submit appli- 
cations. 

Equally, there was plenty to 
welcome last week on funda- 
mental grounds. According to 
the latest Confederation of 
British Industry survey, cur- 
rent business optimism has 
only been bettered twice in the 
last 10 years. And, if back-up 
was needed, there was stirring 
evidence In final figures from 


Sheer socks appeal 


OFFERS for sale are few and 
far between on the USM these 
days. Thus in a climate in 
which the arrival of any offer 
for sale is welcome, the appear- 
ance of a company as apparently 
attractive as Sock Shop is 
doubly so. „ 

Ostensibly, Sock Shop looks 
like the paradigm of a USM 
growth stock. A neat market 
niche combined with an appeal- 
ing public image and frenetic 
growth is an attractive combina- 
tion. The switchboards at both 
Sock Shop itself and Capel-Cure 
Myers, its brokers, have been 
buzzing ever since the news first 
broke that the company was 
considering going public. 

The quid pro quo is the share 
price. As the broker to the con- 
spicuously successful Body Shop 
(once a USM growth stock) 
Capel-Cure Myers is well aware 
-of the appeal of chic "niche” 
companies. Thus for Sock Shop, 


Sock Shop eventually 
secured launch capital from the 
Government’s Small Firm’s 
Loan Guarantee Scheme. The 
first shop opened in Knights- 
bridge in April 1983. 

In the early days Mirman and 
Ross did everything themselves, 
from serving in the shop to 
cleaning it even cycling off to 
collect merchandise. 

Four yean later Sock Shop 
has established a network of 43 
units across the country. After 
the flotation it will be capi- 
talised at £27.5m. In the last 
financial year to September 30 
1986, the grou p made pre-tax 
profits of £773,000 on turnover 
of £6.17m with an average of 22 
shops; this year it should make 
£1.65zn on £12 .5m with 43 units. 


it has plumped for a beady 
prospective p/e of 24JL Is it 
worth it? 

Like almost every aspirant 
growth stock Sock Shop has an 
entertaining tale to telL The 
company was founded four 
years ago by Sophie Mirman 
and her husband Richard Ross. 
Mirman had worked her way 
out of the Marks and Spencer 
typing pool into retail manage- 
ment; Ross had qualified as a 
chartered accountant at Stoy 
Hayward. They met at Tie 
Rack, the specialist retail chain. 

Within 18 months Tie Rack 
established a group of 15 shops. 
The company was owned by a 
European financial consortium; 
neither Mirman nor Ross had 
a share of the equity. In early 
1983 they decided to use their 
experience of specialist retail- 
ing, gleaned at Tie Rack, to 
set up their own business. 

It was Mirman who devised 
the concept for the first Sock 
Shop, a shop selling everyday 
necessities— socks, tights and 
stockings — in bright colours 
and jolly designs. The only 
problem was money. Mirman 
and Ross had an idea and ex- 
perience. but no capital. They 
spent weeks hauling their busi- 
ness Plan around the City. No 
one was prepared to invest 
£40,000 in the business in 
return for a 49 per cent hold- 
ing. 


Junior 

Markets 


The staple formula — • of 
small units selling stylish socks, 
tights and stockings in prime 
locations — has remained the 
same. Sourcing has, however, 
been refined. In the early days 
Sock Shop bought directly from 
manufacturers. As the business 
has grown it has introduced its 
own in-house designers. 

What of the future 7 Sock 
Shop still has lots of scope 
within the UK. Given that it 
uses such small units, new shops 
tend to be easy and inexpensive 
to find. Half of the proceeds of 
the flotation will be invested in 
the company, accelerating ex- 
pansion to between 55 and 60 
units by the end of this year. 

There is also lots of scope 
for growth. Because socks and 
tights are an everyday necessity, 
there are countless towns ■which 
could support a Sock Shop, 
While individual cities could 
cope with more than one unit 

In the longer term the com- 
pany is considering expansion 
overseas by “ exporting ” its 
formula to other countries. Sock 
Shop has even appended “ Inter- 
national " to its name in antici- 
pation. But unlike Body Shop 
it has no overseas interests at 
the time of flotation. Mirman 


Alice Rawsthorn 



PRELIMINARY RESULTS 



It was the largest contested 
bid since the BTR-Pilkingron 
failure, and the outcome under- 
lines the change in institutional 
sentiment (over 80 per cent 
of Norcros’ shares was in insti- 
tutional hands) towards un- 
welcome takeovers during the 
past 12 months. 

It also leaves a number of 
advisers wondering about the 
degree to which the new Take- 
over Panel rules on disclosure, 
and the more cautious sentiment 
in tiie wake of the Guinness 
scandel, are now affecting the 
market during bids. 

That is a problem United 
Newspapers has yet to face. 
United, which takes in the 
Express papers, emerged as the 
ultimate buyer of publisher 
Robert Maxwell's n ear-27 per 
cent holding in Extel, the 
business and sports informa- 
tion group following Wednes- 
day’s auction, and promptly 
fired off a £25 2m bid. 


But with United’s own shares 
tumbling ISp to 479p on the 
news, its share exchange values 
Extel at just 493p, suggesting 
an exit p/e on 1986-87 figures 
of under 20. and on 1987-88, 
of perhaps 16. With Extel stuck 
at the 510p level, the market 
was quick to decide that 
United’s shot is sighting only. 


Still on the publishing front 
there was a flurry of interset in 
the shares of Pearson the pub- 
lishing, hanking an d industrial 
group which takes in the 
Financial Times— as Hutchin- 
son Whampoa, the Hong Kong 
trading group, sold its 4 J9 per 
cent stake. The buyer was 
Warburg Securities, but its 
client was not revealed. 

There were fewer problems 
for Katners, the jewellery 
group. On Friday it announced 
a £300m bid for Combined 
English Stores with the backing 
of the CES board. 


Not all ™»<-nmrpt»nriaf,nruc pro- 
ceed smoothly, however. Shares 
in Contibel, one of the two new 
companies created from the 
break-up of Imperial Conti- 
nental Gas, opened on Tuesday 
at 320p — only to be met with 
a £395m offer frorv two Belgian 
companies, Traqfebel and 
Groupe Bruxelles Lambert, 
worth 278p a share. The 
board and its advisers, Morgan 
Grenfell, had lent its backing 
to the offer, a point which 
curried no favour with institu- 
tional tihaTttho l dAT*. 


They, meanwhile, are still 
flexing their muscles in defence 
of pre-emptive rights. Insurance 
companies moved to encourage 
a return to traditional rights 
issues last week when they 
posted new guidelines: These 
suggest that corporate requests 
to issue shares exceeding 2.5 
per cent of issued acpital with- 
out giving shareholders any 
clawback will be opposed; the 


previous figure was 6.67 per 
cent. 

True, the big guns have built 
in some flexibility by saying that 
specific approval may be granted 
when a convincing case can be 
made. But, if the guidelines 
stick, funding via overseas plao- 
ings or large new share issues in 
ADR and convertible eurobond 
form look like a thing of the 
past. 

The institutions say they will 
accept funding plans in the 
pipeline. Nevertheless, an 
immediate poser arrived in the 
shape of J. Crowther, the textile 
group, whose ambitious £57m 
cash call on Wednesday com- 
bined a £37.4m rights issue with 
a £lfi.7m cotf/ertible eurobond. 
The scale of the convertible 
stock busts old and sew guide- 
lines. Crowther Shares dropped 
12p to 200p. 

But then, is good news ever 
universal? 


Nikki Tait 


HIGHLIGHTS OF THE WEEK 


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58 

L3 (LX) 


L5 (LS) 
5.0 (A» 

U (OlD) 
50 ( 7 . 0 ) 


3.4 (XJB 
LI 0-1) 


50 (-) 

— (— ) 


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LO 0 - 0 ) 


LO (OJQ 
50 (7.0) 



IS 05) 
17.5 (l&S) 
155 008) 
10A (13.0) 
55 (50) 
55 (50) 

05 CL3) 
— (-> 
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L5 CL 5) 
52 (50) 

3-8 (-) 
LO (53) 
54 (51) 

&5 (50) 
ZLO (28LD 
OS (04) 
L7 <5 3) 
50 0J5) 
— (-) 
250 055) 


and Ross have also pondered 
setting up a parallel business 
within specialist retailing in the 
UK 

What of the drawbacks? The 
obvious worry is that stripy 
socks and spotty tights will go 
out of fashion. Sophie Mirman 
dismisses this: having sampled 
stylish hosiery, she says, women 
will never be content with 
boxing beige tights again. 
Moreover, as fashions change, 
so can Sock Shop. It has 
already followed the trend away 
from lacy tights to sheer stock- 
ings. 

The seasonal nature of the 
business poses a parallel prob- 
lem. Sock Shop can counter 
this with selling accessories. In 
the early days it favoured 
leotards and footless tights, 
then the aerobics craze fizzled 
out and it switched to jolly 
boxer shorts. 

Another cause for concern is 
the risk of competition. For the 
same reasons that Sock Shop 
finds it easy to expand, it would 
be relatively cheap to set up a 
“ done " competitor. But Sods 
Shop occupies a neat middle 
market niche, and it is difficult 
to see how a new business could 
fulfil the same role— and do it 
better. 

Perhaps the most pertinent 
problem is the relative inex- 
perience of the management 
team. For the first three years 
Mirman and Ross fulfilled 
almost all the management func- 
tions themselves. In the last 
year or so. in preparation for 
flotation, they have drafted in 
new middle managers. But it 
remains to be seen whether the 
Sock Shop formula will be as 
successful within a larger, less 
entrepreneurial venture. This 
problem could be compounded 
as the group expands further. 

That said, most City analysts 
seem more than happy with the 
group’s prospects. Paul Deacon 
of Scrimgeour Vickers. like lots 
of his fellow analysts, went 
along to meet the company 
feeling almost determined to 
find fault 

“ But just think of the 
potential he says. M Suddenly 
a p/e of 24J2 does not seem so 
pricey after alL" 




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54 

<-> 

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no 

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mm 



Disappointing ammal results 


Eminase drug launch in W. Germany 


INTERIM STATEMENTS 


Tory election victory hopes 


Strong gains in metal prices 


Bumper preliminary figures 


Bid from United Newspapers 


Awaiting bid development* 


Prom-taking 


Increased hid from Tesco 


TTT 



First-quarter profits exceed estimates 


Amstrad speculation 


CM Mar 


Bff' 1 j*r 

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52 

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(L6> 

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07) 

(50) 


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52 

08) 

56 

(07) 

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(03) 

— 

(-) 

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<— ) 

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<~) 

LO 

(06) 

LB 


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06 

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RIGHTS ISSUES 





rvran 


Associated Seek Publishe rs T o raise Him through a one-for-five 
rights issue 4.78m shares will be issued at MOp. 

X Crowther— plana to raise a £57. lm through a two-far-nine rights issue 


and a convertible stock issue: £87.4m will be raised through the 
right*' issue 2L53m shares will be offered it 180p. 








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nix Timber— Js raising almost Me through a oosHOBV-tiuee rights 
issue at llOp ' 


OFFERS FOR SALE, PLAGINGS AND 
INTRODUCTIONS 


Ardmore Petroleum—' Third market placing of 3L5m shares at top. 

Banded laminates Profiles— USM placing of 52m shares at 77p. 

Calarg ca I s to raise £950000 via a placing and offer, 3.7m new shares 
have beat issued at 29p> 

C a lligraphi c— USM placing of 359m shares at ran. 

Computer Pawls— Is to aerira stock market quota ti on through a mini 
offer for sale which will value the company at £ 20 m. 

Crown Byrgian ■ -Third market glaring of 4001)00 shares at 12Sp. 

Estates and Gen era l — T o raise 7.6m through the issue of farther 
debenture stock. 






INTEREST RATES: WHAT YOU SHOULD GET FOR YOUR MONEY 


TAKE-OVER BIDS AND MERGERS 


Compounded return 
for taxpayers at 


Frequency 

of 


for taxpayers at of 

27% 45% 60% payment 


Amount 

invested 

£ 


Withdrawals 

(days) 


CLEARING BANK* 
Deposit account . 
High interest cheque , 
High interest cheque 
High interest cheque . 


X56 248 1.95 monthly 

6.14 4.62 336 quarterly 

6A6 5.02 3.65 quarterly 

637 538 3.76 quarterly 


1 — 

1 1,000-4,999 

1 5,000-9,999 

1 10,000 Rrfnhmffn 


Ang Needle Hdgsf 

3i un 

38 

1 Apex Prop 

135*4 

130 

1 AraraGranp 
- Brit Car AfHef i 

SSK, 

786 

328 


BUILDING SOCIETYt 

Ordinary share 

High interest access ~ 
High Interest access — 
High Interest access — 
High I merest accea — 

90-day 

90-day 

90-day 


half yearly 

yearly 

yearly 

yearly 

yearly 
half yearly 
half yearly 
half yearly 


1-250,000 
500 minimum 

2.000 minimum 

5.000 minimum 

10.000 minimum 
500-9,999 
10,000-24,999 

25.000 irsntmmn 


NATIONAL SAVINGS 
Investment account — 

Income bonds 

Deposit bonds 

33rd Issue* ................. 

Yearly plan 

General extension — ... 


yearly 

monthly 

yearly 

not applicable 
not applicable 
quarterly 


5-100,000 
2.000-100 JMO 
100 - 100,000 
25-1,000* 

20- 200/ month 


MONEY MARKET ACCOUNTS 

Money Market Trust 

Schrader Wagg — 

Provincial Trust 


half yearly 

monthly 

monthly 


2300 m i nimum 
2300 minimum 
1,000 minimum 


BRITISH GOVERNMENT STOCKS? 

7.75pc Treasury 1985-88 

lOpc Treasury 1990 — — .... 

10 -25pc Exche quer 1995 — 

3pc Transport 1978-88 

2l5pc Exchequer 1990 

Index-linked 19901 



(U 180% 


half yearly 
half yearly 
half yearly 
half yearly 
half yearly 
half yearly 


4 — 

4 — 

4 — 

4 — 

4 

2/4 — 


* Lloyds Bank, f Halifax 90-day; immediate access for balances over £5,000. $ Special facility for extra £5,000. § Source: Phillips and Drew. 1 Assumes 4 per cent 
Inflation rate. 1 Paid after deduction of composite rate tax. credited as net of basic rate tax. 2 Paid gross. 3 Tax free. 4 Dividends paid after deduction of basic rate tax 






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Financial Times Saturday May 2 1987 


WEEKEND FT HI 


MARKETS 




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Confused signals 


BOND MARKETS this week 
have tossed and tumbled with 
every portentous smoke ring 
rising from the cigar of Mr 
Panl Volcfcer, chairman of the 
Federal Reserve Board; but 
equity investors, have taken the 
tribulations of' US monetary 
policy and the dollar largely in 
their stride. 

Although the trading from 
one minute to the next on WaU 
Street appears these days to be 
entirely dependent on the 
action In the bond and currency 
^ markets, a slightly longer time 
horizon reveals a very different 
scene. As a result of the panic 
in the foreign exchanges un- 
leashed a month ago by the 

U&Japanese trade confronta- 
tion over semiconductors, the 
Treasury’s 30-year long bond 
has fallen more than 12 per 
cent, from a peak of nearly 100 
at the end of March to less 
than 88 this week: 

The Dow Jones Industrial 
Average, meanwhile, is less than 
5 per cent below the all-time 
high of 2405.54 it hit on April 
6. Thus it is clear, at least In 
retrospect, that while the direc- 
tions of the movements in the 
two markets have almost 
invariably coincided, the magni- 
tude of dips and rises has 
differed greatly between stocks 
and bonds; - There has, in fact, 
been an almost diametric con- 
trast between investors' 
attitudes to the gyrations In the 
two markets. 

When bonds have fallen, the 
price decline has tended to be 


viewed as yet another selling 
signal, a confirmation that the 
long-term bull market in bonds 
is definitely past its peak. When 
equities have followed bond 
prices downwards, on the other 
hand, investors have seen it as 
an opportunity for buying. 

The rush of bargain hunters 
back into the market in the 
immediate aftermath of every 
setback has put a solid floor 
beneath the Dow Jones average. 
And it has seemingly con- 
firmed that the great bull 
market in equities continues to 
stand, firmly on its feet There 
are, as usual, two opposing ways 
of looking at tbis pattern of 
behaviour. The first is to aiiume 
that there is some underlying 


Wall Street 


economic rationale behind the 
patera of - divergence between 
the bond and equity markets’ 
movements. In this case, a 
rationalisation is not hard to 
find. 

A falling dollar will tend to 
accelerate inflation; it will en- 
courage the Fed to tighten 
monetary policy; and the capital 
losses sustained in the currency 
markets could more than offset 
the -benefits of the gap in in- 
terest rate between America 
and Germany or Japan. 

However, a currency decline 
can look entirely from the 
equity trading pitches. While 


higher interest rates produced 
by tighter monetary policy and 
capital losses in the foreign ex- 
changes are certainly unwel- 
come possibilities, there are 
two extra factors which equity 
investors must consider: the 
impact of higher inflation and 
a weaker currency on corporate 
profits. 

The quarterly results season 
of the last two weeks has 
thrown up ample evidence of 
how the benefits to equity in- 
vestors from these two factors 
can offset the macroeconomic 
problems which have Mr 
Volcker and bis followers in 
the bond market so worried. 

One after another, American 
manufacturing companies which 
have been struggling to turn a 
profit in competition against 
the Japanese have demon- 
strated the way that currency 
devaluations and higher pro- 
duct prices can flow directly to 
the bottom line. The most 
spectacular example of the week 
came from Ford on 1 Wednesday, 
when it announced a profit of 
glfibn after tax for the first 
quarter. 

This extraordinary result, 
which was more than double 
the previous year’s figure, far 
exceeded the most optimistic 
analysts’ forecasts. More im- 
portantly, it has convinced in- 
vestors that the whole US motor 
industry is likely to do far 
better this year than pre- 
viously expected, in spite of 
the disappointing earnings 
announced by General Motors 



last week and this week’s in- 
different report from Chrysler. 

As a result Ford's share price 
has jumped more than 12 per 
cent on the week, GM has ad- 
vanced 4 per cent and Chrysler 
has gained nearly 18 per cent. 
And where the US motor in- 
dustry leads, the rest of the 
manufacturing sector may well 
follow. 

For months now, market 
watchers have been worrying 
about an imminent correction 
in the almost straight-line rise 
of the Dow Jones Industrial 
Average. That worry in itself 
has been -regarded as a bullish 
psychological factor; for it is 
an old investment saw “scepti- 
cism is what bull markets are 
made of.” 

Today, that scepticism is 
rapidly disappearing, as more 


and more analysts convince 
themselves that the slight down- 
turn in equity prices during 
the past few weeks has brought 
the market back down to earth. 

But does an almost painless 

dip of 5 per cent in a bull mar- 
ket that has more than doubled 
constitute the long-dreaded 
correction? Or are investors 
now entering on the most com- 
placent phase which comes at 
the top of every bull market 
— the phase which Mr Jim 
Grant, an unrepentantly 
bearish bond analyst, has aptly 
described as “bottom fishing at 
the top?” 

MONDAY 2230.54 - 4.83 

TUESDAY 2231*95 + L42 

WEDNESDAY 225436 +22.30 

THURSDAY 2286.36 +32.10 

Anatole Kaletsky 


WALTER MITTY, the prover- 
bial day-dreamer, could have 
made a fortune in metals this 
week. Picking up the telephone 
on Monday, he would have put 
all his money into silver in the 
morning at about $9 an ounce. 

He would have anticipated 
the rush of investment which 
drove the metal to a peak of 
over $11.25 at lunch- time, and 
he would have sold out in time 
for a celebratory port, watching 
fellow investors scr ambling as 
the price fell below $7.50 an 
ounce in the afternoon. 

Then, Mr Mi tty might have 


Pieces of silver... 


By Tuesday morning it would 
have been too late to follow 
Mr MI tty's example. Silver 
steadied around $8 an ounce-— 
still substantially higher than 
its low In March of $545. 

The lesson of this week is 
not how. easy it is to make 
money when precious metals 
prices start moving, but how 
difficult. Even professional 
traders can be badly bit by the 


turned his attention elsewhere, ' extreme price swings, 
to gilts, eurobonds or Old. However, investors have the 
Masters at Christie's. . safer option of buying shares 


Market 

capitalisation 

£m 

245 

525 

157 

201 

225 

685 

299 

24 


Agnico Eagle* 

Asarco 

Coeur d’Alene 
Equity 
Heda 
HU 
Sunshine 
United lew 

* Assumes shutdown operations reopen this year. 


output 

BLBZ 

L7 

22 

44 

6 

8* 

15 

6* 

14 


Ounce af silver 
per £1,000 
Invested 
64 
4L9 
31*2 
334 
28JL 
164 
20 


in silver-producing companies. 
Unlike gold, where there are 
hundreds of possible stocks, the 
number of silver miners is 
limited to about a dozen com- 


Resources 


panies. The most important are 
listed in the table. 

The best-known silver shares 
are probably Heda Mining and 
Sunshine Mining , both US com- 
panies, with mines in Idaho. 

Each group closed its major 
Silver mine last year because 
of low prices. There are hopes 
that the mines might reopen 
if higher prices are sustained 
and new cost-cutting labour 
contracts are negotiated. 

However, brokers are. wary of 
Sunshine because of an Ill- 
timed move Into energy which 
has saddled it with heavy debts. 

Heda is mere popular* -not. stiver 


least with Douglas Newby of 
Morgan Grenfell Securities, 
who says it is “the most attrac- 
tive silver play in North 
America.” 

It is worth bearing in mind 
that several silver companies 
are also important gold pro- 
ducers, so their shares reflect 
the recent surge in the gold 
equity markets. Heda falls 
into this category. So does 
Agnico Eagle, a highly-regarded 
Toronto company, which has 
stockpiled silver to wait for 
better prices. 

Equity Silver mines silver, 
gold and copper in British 
Columbia. Majority-owned by 
Placer Development, the highly- 
successful Vancouver company, 
it has a premium rating in the 
stock market for its manage- 
ment 

As the table shows. United 
Keno Hill, 38 per cent of which 
is owned by the Canadian nickel 
company Falcanbridge, offers 
investors the highest amount of 
production per £1,000 


invested in the shares. This is 
a good measure of a company’s 
exposure to silver— die higher 
the figure, the more sensitive 
the shares are to the silver 
price. 

This works both ways. A 
safer option is another small 
producer, Coenr d’Alene, which 
is opening a silver and gold 
mine at Rochester, in Nevada. 
David Morgan, who follows 
North American stocks for 
Sheaxsoa Tollman Brothers, 
says it is the best “ pure 
precious metal play.” 

Finally the two largest com- 
panies in the list should not be 
ignored. Asarco and MIM 
Holdings, which have extensiye 
cross-holdings in each other, 
are diversified groups. The 
importance of their silver out- 
put— particularly high in the 
case of Asarco — tends to be 
ignored because heavy debts 
have pushed both companies 
into loss in the 1980s. How- 
ever, both are beginning to get 
over their difficulties and the 
shares have risen strongly in 
the past year. 

Stefan Wagstyl 



A MONTH ago, Hong Kong's 
stockbrokers were toasting the 
prospect of the Hang Seng 
index reaching the 4,000 level 
befbre 1987 is out. Today, it is 
a brave broker who puts bets 
on it passing 3,000. 

Ironically, the fundamentals 
of the Hons Kong economy — 
and the companies that are 

listed on irs stock exchange — 
have if anything changed for 
the better. Forecasts of 
economic growth, as measured 
by Gross Domestic Product 
amounting to 6.5 per cent, 
appear increasingly conserva- 
tive as the territory’s export 
performance continues to out- 
pace ail predictions. 

Inflation remains below 4 per 
cent, unemployment is neg- 
ligible, real wages continue to 
rise. Corporate profits rose by 
an average of well over 30 per 
cent in 1986, and evidence of 
full order books already stretch- 
ing into autumn suggests that 
similar increases may be ex- 
pected this year. Low interest 
rates continue to encourage 
home-ownership — and are keep- 
ing the property sector buoyant. 

Such fundamental strengths, 
at the beginning of Marcb. 
pushed share prices to record 
highs, with the Hang Seng index 
bounding to 2939 with apparent 
ease. Investors were boasting 
of gains of more than 16 per 
cent from the beginning of the 
year; 85 per cent from March 
1986. 

A mere month later, the mood 
is entirely different At yester- 
day's close the Hang Seng index 
was holding steady at 2685.37; 
it had tested the 2600 level 
earlier in the week. Trading 
volumes on the stock exchange 
have slumped from an average 
of more than HKSlbn a day to 
less than half that 

Analysts blame a wide range 
of factors for taking the wind 
out of the market's sails. 
Threats of a trade war between 
the US and Japan have 
prompted fears that an exporter 
like Hong Kong would inevit- 
ably be caught in the crossfire. 

Foreign institutions have also 
appeared reluctant since the 
Easter bank holiday break, to 
commit new funds to the Hong 
Kong market— where they are 
already heavily over-weighted 
As the US dollar has continued 
to slip against other important 
international currencies, taking 
the Hong Kong unit with it sd 
Hong Kong dollar-denominated 
shares have fallen in value for 
many foreign investors. 

Most are waiting for the 
US dollar to stabilise before 
committing fresh funds to the 
Hong Kong market hoping to 



ensure that share price gains 
are not eroded by exchange con- 
version losses. 

Local factors have also served 
to puncture confidence. Contro- 
versy in the stock exchange — 
in particular over the plans of 
a number of companies to create 
two-tier share 'structures — 
affected the mood. So too did 
proposals from Mr Li Ka-Sbing 
to restructure his subsidiary, 
Hongkong Electric. 

This reorganisation — which 

involves hiving off the non- 
utility operations of Hongkong 
Electric into a new subsidiary 
to be controlled by Hutchison 
Whampoa — had been widely 


Hong Kong 


anticipated by stock market 
operators. However, those who 
pushed share prices forward, in 
anticipation of generous wind- 
fall profits arising from the 
reorganisation, were dismayed 
at the frugal pickings that actu- 
ally materialised. Share prices 
slumped back, with a chorus of 
emotional charges thrown in Li 
Ka-Shing's direction. 

Another notable depressant is 
a queue of company dotations 
and rights issues that by the 
end of May will have drawn 
more than HK$llbn out of the 
equity market. 

The Hongkong Bank has 
mounted a rights issue intended 
to raise HKSS.Sbn, while an 
issue from Evergo Industrial 
raised HK$lbn. One from 
Jar dine Strategic Holdings 
raised HKS2.6bn, and one from 
Honkong Land is calling for 
HK$1.5bn. 

After the companies them- 
selves have taken up their 
rights, the public will be 
expected to find about 
HK$94bn — with HK$6.5bn of 
this being fundable out of divi- 
dend payments. In a more bull- 
ish market, such a drain on it 
might have been shrugged off 
with ease. But in the present 
uneasy mood it has served to 


compound investor worries. 

Political uncertainties have 
also unsertled sentiment. 
Turbulence in Peking as the 
leadership wages a campaign 
against “ bourgeois liberalism ” 
has brought investment in 
China to a standstill — and raised 

doubts over Pekings promises 
that it will not interfere in the 
territory once it regains 
sovereignty in a decades time. 

Controversy over the intro- 
duction of more representative 
government in Hong Kong 
(which is likely to heighten in 
advance of the publication, late 
in May, of a Green Paper on 
political reform) has pitched 
conservative business barons 
against Hong Kongs techno- 
cratic middle classes. This has 
rekindled talk of capital flight, 
of a brain drain in the terri- 
tory, and of Janus-faced entre- 
preneurs who claim they have 
full confidence in the territory's 
future while at the same time 
diverting funds overseas. 

All of these destabilising 
factors would have been 
shrugged off a month ago. It 
may well be that in a month’s 
time they will be shrugged off 
again. But, for the time being, 
they have provided a plentiful 
supply of fuel for the territory's 
depressive market operators. 

The crux appears to be the 
state of the Japanese stock 
market, and the investment 
institutions of the international 
institutions. Most local stock- 
brokers remain convinced that 
share prices remain firmly 
underpinned, with strong cor- 
porate performances, low levels 
of corporate indebtedness, and 
modest price/eamings ratios. 
As such, they remain confident 
that it is only a matter of time 
before share prices begin to 
climb again. 

The impetus that would have 
taken the Hang Seng index to 
the 4000 level is no longer 
apparent But for investors 
content with more modest 
gains, the Hong Kong market 
probably still offers considerable 
promise in the months ahead. 

David DodweH 


rV.fllSC 


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UNIT TRUST ASSOCIATION 


1986 

UNIT TRUST 
INDUSTRY 
CONTINUES 
ITO BREAK ALL 
RECORDS 


^ \ 
Vi f | 


Oh« F«nn*smM\ Chcrtrman Uhffliust Association 


i from the Chairman's Statement at Ifte 27th Annual 
I Meeting of the Unit Trust AssociaHon hold on 
Wednesday 29 April 1987) 


FUNDS TOP 
£32 billion 


expansion, Scries of units were £&7bn a rise of 94% over 1985. 
Funds under management rose by over 58% during the year, 
reaching an afl lime Wpn of £32bnat!h© end of T98d 


jr "*— ...gJt * 

POPULARITY OF 

„ <1* 

EQUITY 

****^*» 
w ' J 

INVESTMENT 

t iir 

• 

. 

THE FUTURE 

■-T.X 

REGULATION OF 

+ • * 

:. - * 

THE CITY 


The continued rise in me popularity of equity Investment Is 
Blustrcried by ttie number of unitholder accounts at the end of 
1 9B6k which showed the greatest increase In any year since 
records began Ini 96a rising by over 34% from 25m to 34m TWs 
reflects trie more positive role adopted by the UTA In promoting 
investment through unit trusts to the publkx This will continue to be 
a major part of the Association's future rafe, ttius enhancing the 
serrioes already developed during the last two or three years. 


Much of the Association’* tlmd and resources have been 
devoted to assisting In the estabftshmenf of a new regulatory 
structure for the unit tiust Industry. The Industry is well represented 
on the Boards of the appropriate potential Self Regulating 
Organisation* The future regulation of authorised unit trusts h stiff 
under cfccussk>n but Is likely to Include, Inter crikx cm extension of 

the permitted assets to include money market Instrument* 
property, and futures and options. 


FUTURE 

DEVELOPMENTS 


The future for ttie unit trust industry has never looked better, with 
hewopportunBlea on the horizon. Pereonai Equity Plans are now 
weH under way, personal pension schemes based an unit trusts 
win be petmttted in January 1 988 and the implementation af the 
UCTCS [Undertakings tor CoHecttve Investrnertt in Transferable 
Securities) Directfve in the European Community wili take place 
m 1989. The Association has played a full part in the 
development of these new products. 



Free copies of the Unit Trust Association's booklet ’Evetyttiing You 
Need To Know About Urtt Trusts' a re ovaSabie on receipt of a 
damped pOp or 40p) seif •addressed enveiope ta Unit Trust 
Association, p o Bax A Stroud, Gios GL6 7AT. 



WHY YOU SHOULD 


A building society account is a good 
home for emergency money, but not so 
good for investment particularly when 
interest rates are falling. 

On the other hand when interest 
rates fall, gilts rise. For example a 2% 
drop in interest rates should mean a 
20% increase in long dated gilt values. 

Gilts still offer a return of about 9% a 
year - about 5% higher than the current 
inflation rate and 5V&% higher than the 
yield on shares. Ifs time to buy- the 
clever investor already is. 

The ^Etna Gilt-Edged Fund is 
already up by over 26% since launch 
(26/2/86 - 27/4/87). 


No initial charge. 

5% savings over most gilt funds. 

No Capital Gains Tax. 

Up to 10% a year NET withdrawals, 
monthly on investments of £2500 or 
more (equivalent to 13.7% for a 
basic rate tax payer). 

Voted first for value for 
money and investment 
performance in 1986 by the 
Financial Weekly/Martin Paterson 
award panel. The ^Etna Gilt-Edged 
Bond has already attracted over 
£50 million from 10,000 investors. 



ACT NOW - before interest rates fall again 

jttnaistheUKarmoftheworid’s largest publicly quoted insurance group with assets equivalent to £41 billion. 
jEtnalife Insurance Company lid., 401 St John Street, London ECIV 4QE. Reg. No. 1766220. 




Please complete and send the coupon in an envelope addressed to: 

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IV WEEKEND FT 


Financial Times Saturday May 2 1987 


FINANCE &THE FAMILY 


Hugo Dixon on the effects of falling interest rates 

Credit card cuts 


MOST BUILDING society 
savings rates are coming down 
over tJbe weekend; two of the 
large clearing banks decided on 
Wednesday to cut the rates they 
charge for credit card borrow- 
ings; and the benefit of lower 
mortgage rates started to be 
felt by homeowners yesterday. 

These across-the-board reduc- 
tions is interest rates are partly 
the result of this week's fall 
in tbe bank base rate from 10 
to 9.5 per cent But they are 
also a delayed reaction to the 
full paint reduction in base 
rates in March. 

The new structure in interest 
rates has yet to settle down. 
Some institutions still have to 
respond to the one and a half 
point base rate reduction which 
has already happened, and it is 
quite passible there will be 
further falls in base rates 
prompting further reactions in 
the near future. 

The most unexpected of the 
upheavals of the past week was 
the decision by Midland Bank 
and Lloyds Bank to reduce the 


interest charge on Access credit 
card borrowings from 2 per cent 
a month to 1.75 per cent and 
IB per cent respectively — 
equivalent to a cut in the 
annualised percentage rate from 
26B per cent to 23J. per cent 
and 23.8 per cent. 

The last cut in credit card 
rates was in 1984, when they 
were reduced from 2 per cent 
to 1.75 per cent, only to be 
increased again, to 2 per cent 
in 1985. 

Barclaycard, Nat West Access. 
Trustcard and other bank credit 
card issuers are expected to 
follow Midland's lead. However, 
there are no signs of a price 
war in the credit card market 
with banks aggressively under- 
cutting one another to buy 
market share. 

The 3.7 percentage point fall 
in Midland’s annual rate looks 
large in comparison with the 
one and a half point fall in 
base rates. But tbe new rate 
still gives the bank a hefty 
margin of 13.6 points above 
base rates. 


Building societies have 
plumped for a fairly uniform 
one percentage point drop in 
investment rates. A few 
societies, however, have taken 
the opportunity afforded by the 
rate changes to increase the 
incentive for investors to 
deposit with them large 
balances. 

The Alliance & Leicester 
Building Society, for example, 
has reduced tbe rate it pays on 
its Prime Plus account, which 
requires three months’ notice 
for withdrawals, one point to 
S per cent net for amounts of 
between £500 and £2,499. 

Tbe rates on amounts between 
£2,500 and £9,999 have been 
reduced by 0.70 points to 8.50 
per cent, and on higher amounts 
by only 0.55 points to 8.75 per 
cent. 

As a result of the rate 
changes, the rates a typical 
building society investor can 
expect to get on an investment 
of £500 are: 5 per cent in an 
ordinary share account; 7 per 


NET SAVINGS AND CREDIT CARD RATES 

Institution 

Product 

New rate Old rate 

Building society 

Share account 

5.00 

6-00 

Instant access 

7.00 

8. Mi 


80-day 

7.75 

8.75 

National Savings 

Fixed rate certificates*" 

7.00 

8-75 

Investment account" 

10-00 

11.73 


Income Bonds* 

1CL5 

12.25 

Midland 

Access*** 

1.75 

2.00 

Lloyds 

Access*** 

L80 

24)0 


Bates are yearly, net of composite rate tax, except those products 
identified by *, which pay Interest gross and **, which are tax 
free. 


*•* Credit card interest rates are paid monthly. 

The Woolwich Equitable's rates are taken as the model. 


cent in an ordinary share 
account; and 7.75 per cent in 
a 90-day account. 

The rates wiU be higher for 
larger investments. Some of the 
smaller societies, or those who 
have yet to bring down their 
rates, may also pay more. 

However, although building 
society I nve stment rates have 
come down, they are probably 
more competitive. National 
Savings, societies’ traditional 
competitor in the retail savings 
market, decided to out its rates 
by around L75 points last 
month. 

Although most mortgage rate 


reductions only came into force 
yesterday, the decisions to 
lower them had been taken 
before the recent cm in base 
rates. They were a response to 
the earlier one point fall in 

However, societies have no 
plans to reduce their mortgage 
rates further because they had 
anticipated the recent 
point cut when they cut their 
rates one point to 1L25 per 

cent 

Homeowners will therefore 
have to wait for yet another fail 
in base rates before they can 
hope for further drops in their 
mortgage payments. 


New index welcome 


LAST MONTH saw a notable 
landmark in the Financial 
Times with its provision and 
coverage of stock market 
indices with the publication of 
the FT-Actuaries World Index. 

This index aeries provides 
by far the most comprehensive 
coverage of equity markets 
world wide yet produced. A 
glance at page XX of today's 
paper shows the extent of the' 
coverage provided. 

The index is the product of 
a combination of skills contri- 
buted from actuaries, various 
Investment experts . and the 
Financial Times to produce a 
series capable of meeting the 
demands of investment 
specialists. 

As a result, it has been 
welcomed by the investment 
industry not only in the UK 
but also worldwide. In particu- 
lar, those involved in portfolio 
performance measurement are 
very enthusiastic about it. But 
there is one exception— those 
responsible for unit trust 
performance. 

Readers wiU be familiar with 
tbe tables which monitor unit 
trust performance. They look 
impressive, yet the actual 


awniy cU is extremely shallow 
compared with the in-depth 
professional, treatment given to 
pension fund performance. 

Those responsible for these 
tables rely entirely on stock 
market indices wh en re lating 
the performance-of a trust to the 
equity ma r k et in which - it 
operates and one would have 
thought they would welcome 
this development. 

indeed, the new style Unit 
Trust Monitor from World 
Investor has taken a _ majo r 
advance in this field by sh owi ng 
the performance of trusts 
relative to the market in which 
it operates using indices as 
representing the market. 

Yet WI editor, James Woot- 
ten, points out that there are 
some funds for which the port- 
folio does not correspond to a 
market index* 

The FT-Actuaries World In- 
dex series goes, a long way to 
meeting this problem. 

Indeed, all the information is 

there for virtually any compari- 
son, if the analyst is prepared 
to make tbe necessary adjust- 
ments. 

The impression conveyed by 


talking to these groups is that 
while the publication of the FT- 
Actuaries World Indices looks 
an interesting devel opme nt, 
tiny are too busy at present 
handling the flood of new teusti 
to spend time looking at the 
implications of these Indices. 

The series also has an index 
presentation worldwide by 
mdustrlal classification, tinragh 
these figures are not shown m 
the Financial Times. 

Thus tbe Index Is available 
for comparison of trusts based 
on specific industries such as 
bio-technology or health. 

The in-built disadvantage of 
the FT-Actuaries World Index 
is that It has not been In 
existence for very long— its base 
data is December 31 iS8fi with 
figures going back another 12 
months, so it cannot be used for 

However, the information 
provi d ed, with indices on three 
currency bases, provides the 
opportunity for analysts not 
only to say which fund is top, 
but what Influences tbe under- 
lying currency position played 
in getting the result. 

Eric Short 


Unit trust group to 
brush up its image 


THE UNIT Trust Association 
has represented the unit trust 
industry for nearly 30 years. 

At its outset in 1958, its pri- 
mary purposes were to provide 
a forum for discussion among 
members; to establish relations 
with the then regulatqry 
authorities at the Board of 
Trade; to collect statistics; and 
to investigate complaints about 
unit trust advertising. 

The financial sector in those 
days was an orderly market 
Everyone stuck to their last 

Life companies marketed life 
and pension products. Unit 
trusts groups marketed unit 
trusts. Banks stuck, to bank- 
ing. The dividing lines between 
each - type of business were 
clearly defined, and nobody 
crossed them. 

Now the financial sector is 
an extremely complex market 


Financial institutions are in- 
volved in an amalgam of 
interests, offering a whole 
range of products to the invest- 
ing public. 

With the advent of the 1986 
Financial Services Act and the 
proposed new regulatory struc- 
ture for financial services, the 
Unit Trust Association has 
been reviewing its future role. 
Imbucan Management Consul- 
tants was instructed to cany 
out a study of the association 
and how it should operate in 
this new world. Its findings 
were released this week. 

The brief, from members of 
the association, was to imple- 
mvt the concept of a stronger, 
more representative associa- 
tion. Members wanted the UTA 
to assume a more positive role 
in promoting unit trusts. This 
role has become even more 
central in the new environment 



Planning in advance for your 
child’s public school education can 
save thousands of pounds. 

If it’s an Equitable plan, you need 
not specify die school until a month 
before the first payment is due. 

And you can transfer the payments 
to another school if your child moves, 
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You’ll also enjoy the flexibility 
of making contributions annually, 
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For more details on The Equitable^ 
outstandingly convenient school fee 
trust plans, send in the coupon or speak 
to us direct on 0296 26226 today. 


Reeoomjeaiedby nationl BE. 


To: Tbe Equitable Life, FREEPOST WaTton Street, AYLESBUHXBodct HP2 TERTd 
Welcome (ortho 1 dtcnli on joat Khoal fee plan*, fiuaaiig ebon bjn □ A capital ub; 
□ Spreading d»e com ow a period. 

PJK rrH.bw.nrf , ) 


N*me<WM w/Mari 


Date of Birth 





TcbtHtome) 


FoouJed I7V2 


FKV 7 A 


The Equitable Life 

You gain because we’re different. _J 


envisaged for unit trusts, with 
much wider Investment powers. 

The overall objectives of the 
UTA were set out: 

• Improve public awareness of 
unit trusts as an investment 
medium. 

• Enhance its role as spokes- 
man and lobbyist for the In- 
dustry. 

• Provide snore information 
and service to members. 

Inbucon's main recommenda- 
tions to achieve these objectives 
are:— 

• The chief executive officer 
should have the role and desig- 
nation of Secretary General. 

• The secretariat of the Asso- 
ciation should be strengthened. 

• More resources should be 
allocated to public relations, 
public information, regulatory 
matters, and providing more 
technical information to mem- 
bers. 

• The UTA’s constitution 
should be changed with a view 
to widening the representation 
of members on its Council. 

Implementation of these pro- 
posals vfll require more re- 
sources from members. These 
have been pledged— ahead of 
the report. Now members win 
be cons dering the report's find- 
ings, over the next few weeks. 

EJS. 



Pep up 
plans 

A NEW company called the 
Fleet PEP Club has been 
formed to market a Personal 
Equity Plan with a genuine 
difference. It offers the choice 
of four different investment 
advisers — all unit trust manage- 
ment groups: Framlingtoo, GT, 
Perpetual and Prolific. 

Murray Cowles, managing 
director of the Fleet PEP Club, 
explained that under existing 
legislation it was found that the 
Fleet Friendly Society, which 
has wide experience in handling 
tax-exempt funds .on behalf of 
Its 13,500 members, is not 
allowed to be a PEP plan man- 
ager or to sell its expertise. So 
the directors of the society 
decided to form the Fleet PEP 
Clnb, which has received ap- 
proval from the Inland Revenue 
as a plan manager. 

As well as providing company 


annual reports, as required, the 
club will send out a free news- 
letter every six months to pro- 
vide a general investment 
commentary, together with 
details of the value of each PEP 
plan. 

To join the scheme you have 
to invest £2,400 a year, the 
maximum possible under PEP. 
Of tills, 600 will be invested In 
a unit trust and the remaining 
£1,800 in up to eight UK com- 
panies, selected by the invest- 
ment adviser you choose. 

There is a joining fee of £50, 
and an Initial PEP charge of 
£25 a year. In addition, there 
is a management fee of OB per 
cent o nthe value of the share 
portfolio. Normal charges will 
be paid on the unit trust 
element too, so the total cost 
involved adds up. 

Meanwhile, mtwt Britannia, 
file unit trust group, announced 
that it is to offer a special 
Personal Equity Plan through 
Birmingham Mldshires building 
society. 

There will be two schemes 
marketed through the society’s 
14S branches. One will be 
purely a unit trust PEP — 
maximum of £420 a year — with 
a choice of two mtm Britannia 
funds. The other win be a 
share plan, with, a proportion 
going into unit trusts and the 
remainder being invested in 
either a special situations cm a 
blue-chip company portfolio. 

Tnitiat charge will be 5 per 
cent, but those investing before 
May 31 will receive a 1 per cent 
discount, making it a cheap way 
to buy unit trusts. 

John Edwards 


A tax on inaction 


MUCH has been made of the 
Government's record in "draw- 
ing the teeth" of inheritance 
tax (formerly capital transfer 
tax). Inheritance tax can 
reasonably be described as a 
"voluntary” tax in that only 
tile estates of individuals that 
take no action during their life- 
time need suffer any significant 
liability. 

However, this should not lull 
anyone into a false sense of 
security. There are opportuni- 
ties to avoid or reduce liability. 
But for those who choose not 
to take the opportunities, the 
tax liability is severe. Inheri- 
tance tax starts to bite on 
estates over £71,000 (to be 
raised to £90,000 under this 
year’s Budget proposals) and 
rises progressively to a 
maximum rate of 60 per cent 
on estates valued in excess of 
£330,000. 

An individual with a rela- 
tively modest house in the 
south east of England and one 
or two insurance policies could 
find that his estate is liable to 
inheritance tax and that his 
family will get a lot less when 
he dies unless something is 
done to reduce liability. 

Perhaps a more patent 
reason for taking action during 
one's lifetime is that although 
the Government has opened a 
window of opportunity, inheri- 
tance tax is more damaging to 
the family wealth than was 
capital transfer tax when first 
introduced back in 1974. Those 
with long memories will re call 
that it was Labour's Chancellor 
Denis Healey who introduced 
capital transfer tax with the 
avowed intention to “squeeze 
the rich until the pips squeak.” 

Inheritance tax may look 
more Innocent than capital 
transfer tax but this is 1 *»*t an 


illusion. Individuals should plan 
early to avoid tins most avoid- 
able of taxes. 

The family home is fre- 
quently an emotional as well as 
a valuable asset, and therefore 
some caution is advised before 
using it in inheritance tax plan- 
ning. However, tbe planning 
opportunities should not be 
overlooked, particularly if tbe 
family home is the sole or major 
asset, perhaps with little or no 
mortgage. 

The greatest restrict! mis on 
lifetime planning with the 
family home are the rules 
covering reservation of benefit 
These rules will normally come 
into play where an individual 
gives away his home but con* 
tinues to reside in it But there 
are exceptions to these rules 
and it may be possible to avoid 
any reservation of bene fi t 
where: — 

• the individual gives the pro- 
perty to, say, his son and both 
the individual and the son 
occupy the property and Share 
outgoings; 

• the individual carves out a 
leasehold interest from the free- 
hold (or a sub-lease out of a 
head-lease) and gives away the 

reversionary interest 

A common method of home 
ownership by a married couple 
is a joint tenancy under which, 
each spouse has an interest in 
the whole of the property. On 
the first death the interest ot 
the deceased spouse automatic- 
ally accrues to the survivor, 
despite any wishes to the con- 
trary which may be expressed 
in a will. It may be better tr 
sever the joint tenancy and 
create instead a tenancy in com- 
mon, under which each spous? 
has a distinct half-share of the 
property, which on death can b* 
passed on to the children who 
then become rawwmers with the 


surviving spouse. This could 
save a significant amount of in* 
herttance tax on second death. 

"Where the individual is over 
65 it is possible to take out a 
mortgage on the family home 
in order to purchase an 
annuity. The annuity Income 
(not all of which will be tax- 
able) can be used, afteT fund- 
ing the .mortgage interest, to 
pay premiums on a life assur- 
ance policy written in trust 
The mortgage interest win 
qualify for tax relief on up to 
£30,000 of borrowing in addi- 
tion to any interest on an 
existing mortgage. 

The particular attractions of 
this arrangement are that it 
should be self-financing, and 
that it achieves an 
reduction in the estate, coupled 
with the creation of a tax-free 
fund outside the estate. 

There are other simple pre- 
cautions which can be taken to 
avoid paying Inheritance tax 
unnecessarily, but for larger 
estates a more detailed analysis 
of tiie problems are necessary 
to ensure that the lifetime 
giving is not over-done so as to 
leave the individual “strapped 
for cash.” 

* Stuart Cbapell is co-author of 
tbe recently published Hays 
Allan booklet on Inheritance 
Tax and Estate Planning. 

Stuart GhapeH 


Housing 

shares 


UNIT TRUST marketing 
managers are busy re-inventing 
the wheel when it comes to 
getting ideas for new -unit 
trusts. 

One fruitful source of Ideas 
for UK based funds is the very 
sector in which these managers 
operate — the financial sector. 

This week Windsor Life’s 
unit trust company turned to 
the property sector tor its 
latest fund, Windsor Property 
Share Trust- 

Investors may feel that now 
is not an ^**1 time tor launch- 
ing any property based fund in 
the wake of the problems tor 
some of tiie residential pro- 
perty funds. 

However, David Lis, manag- 
ing director of Windsor Trust 
Managers, feels that the time 
Is opportune to get into this 
sector. 

He gm phaafiwf that the fund 
will he investing in tiie shares 
of property companies, mainly 
cflinwi«»r ria|. with- tiie accent on 
small and with a proven record 
in property development 

The portfolio will hold shares 
in residential property com- 
but this will be gmaii- 
points out that unlike funds 
investing directly in property, 
investment in property shares 
does not pose any liquidity 
problems— the. flvfl simply 
shares. 

The of this new f ont* 

conj ur es up memories of the 
great debate 15 years ago be- 
tween property bonds, then at 
their height of popularity and 
property shares. 

The property bond won that 
debate hands down. Property 
bond funds from life companies 
proliferated, while only a couple 
of property share funds were 
launched. 

However, with hindsight in- 
vestors cannot claim that they 
made the right decision in 
investment ret urn terms. Pro- 
perty bonds have been a poor 
second to equity based funds, 
though properly shares have not 
done much better. 

Even so, as the brochure 
points out while the property 
daze sector has on avenge 
lagged behind the overall 
stockmadut those property 
companies with enterprising 


managements have been among 
fiw leaders. 

Examples are Rosehangh and 
London and Edinburgh Trust 
which have taken advantage of 
the opportunities offered by 
chang ing trends as diverse as 
out-of-town shopping and the 
demand tor office pr op e rty in 
the City of London following 
Big Bang. 

The problem is identifying 
these opportunities. The pro- 
perty sector in the stock market 
is closely monitored by 
specialist stockbroking firms 
with which Windsor Trust 
managers has a close relation- 
ship. 

The strategy of tiie managers 
is to have a core holding of 
long- established companies, 
particularly those standing at 
significant discounts, with the 
remainder of the fund concen- 
trated on smaller development 
companies. 

At the end of the day, aa 
with any Investment, the proof 
of the pudding is in the eating. 
Windsor Trust managers has 
only been in the unit trust field 
for just over a year. 

But the track record over the 
past year of its three existing 
funds is excellent 

EJS. 


Rate cut 
delay 

BIRMINGHAM Mldshires Btdld- 
Ing Society is delaying tiie 
planned 1 per cent cut in its 
mortgage rate by one month, 
until June L 

Philip Court, chief executive, 
claimed that tiie original 
decision to reduce the home 
loan rate to 1L23 per cent on 
May 1 had been taken when a 
further i per cent cut in the 
base rate appeared almost 
inevitable. Xtat it failed to 
materialise until this week, so 
many societies had decided to 
sit on the fence and do noth- 
ing. 

Although base rate had 
finally come down, as expected, 
the society felt It would be 
“imprudent?* tor their 750,000 
investors to receive only 24 
hours notice of a reduction. So 
it had been decided to main- 
tain both the mortgage rata and 


the current Investment interest 
rates at the level for 

a further month, when they 
vdU all be cut by 1 per cent. 

Direct 

account 

A NEW form of personal 
current bank account that could 
set a trend for the torture is 
being introduced by Midland 
Bank and its subsidiary Clydes- 
dale Bank, from May H. 

Called Vector, tiie package of 
services to be offered combines 
an interest-hearing current 
account; the option to transfer 
surplus funds automatically Into 
a savings account offering a 
higher rate of Interest; and a 
special charge/debit card which 
can be used at all Mastercard 
retail outlets. Purchases made 
with the Vector card will auto- 
matically be charged each 
month to the customer’s current 
account, but not until 14 days 
after the statement is issued. 

There will also be a combined 
Autobank and cheque guarantee 
card which will allow you to 
draw out up to a of 

£500 in cash weekly, and Vector 
cheques will be cashable at 
Midland Bank group branch 
counters up to £200 a day. 

Vector customers win be 
charged a fee of £10 a month 
tor aH sendees,, and will be 
charged nothing extra, far items 
like stopped cheques and extra 
statements. 

AH credit balances in the cur- 
rent account wiU earn Interest 
at a Vector special rate, 5 per 
ce nt a t prese nt. T he savings 
account tor surplus funds, 
which are transferred automati- 
cally each month on a day nomi- 
nated by the customer, will 
earn interest at &5 per cent. 

There win be interest-free 
overdrafts up to £250, with the 
option to increase an overdraft 
to £1,000. paying a special Vec- 
tor rate ot US per cent per 
month (APR 19.0). 

Michael Fuller, the bank’s UK 
operations director, said the 
package was aimed at a specific 
sector — young; self-assured 
individuals earning good sala- 
ries; who did not have the time 
or in cli nati on to watch every 
penny in their bank account 

JJE. 


MAXIMUM 
INCOME 
ACCOUNT 
SERIES I 

9.75% (net 


PA) 

grosd* 


MAXIMUM INCOME ACCOUNT 
SERIES n 

3 YEAR TERM SHARE 2 YEAR TERM SHARE 


9.75% (net pa) 9.25% (net pA) 

gross* 12,67% gross* 


PREMIUM 

SHARE 

ACCOUNT 


8.5% a 


1L64% 


gross* 



Conor/ll * Gross equivalent for basic rate taxp a ye rs 

yt/ltfUl General Portfolio Life Insurance PLC 
PnrtfnJin Valley House, Crossbraok Street, 
ruruuiiu Cheshunt, Herts EN8 8JH. Tel: 0992 31971. 


A FINANCIAL TIMES SURVEY 

DRINKS INDUSTRY 

TMs imwqr la dna to b» 
published on Mjy 18 W 
Contact? 

wee. BICKNELL 
on 01-248 8000 EXM 3385 
or write to him an 

FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 
Bradta n Horn*. 10 Cacwen St 
London EG4P 4BY 
The Hotmt, km end pubUcatiea 
dans of Surveys ta the Financial 
Times era aah/act ro change et the 
discretion et the Editor 


WHICH 
UNIT TRUSTS 

Are Expected to 
Perform Best In The 
Year Ahead? 


UNIT TRUST NEWSLETTER Is an 
independent monthly service that 
tefls you what it thinks and why. 
Cleany, without hedging. 

Tbe CURRENT ISSUE contains 
advice on Wortd Markets, a Sector 
Review (together with recommenda- 
tions). recommended portfolios for 
Growth, Growths Income. Income 
only or Speculation together with 
Charts Bid Tabfes that show which 
units are leatfing the way up in the 
tfifferent dassmcaikms. 

SPECIAL £1 TRIAL OFFER 

wiH bring you imnuMfla 

post our current issue. , 
tms ad .with your name 
and £1 to: 

The Uitit Trust Nawsfettar 
3Heel : Street, London 

EC 4 Y 1 AU tmgy on» P«r hou» 


return 

post 

address 


FT2 


p-WINDSOR PROPERTY SHARES TRUST- 

Property snares 

We 

unde] 



Invest 


now 


_ "Windsor Trust Managers are launching 
their new Property Shares Trn&r. A imif tm^t 
that invests exclusively in the stares o£UK 
property < 


, - , > • IooJc 
better at present than, for some rime. T wayrsc 

of the fall in interest rates, increased takeover 
activity and escalating rental values in. 
Central London. It is thi« background, 
coupled with the abundant opportunities 
that continue to coast for dw- smaller 

i that convinces us dutnenru a 
. titne to invest in prope rty 
Windsor Host Managers^ an 
lndep cndcpr investment company which Tmc 
produced excellent performance from its 
existing three unit trusts. On aa offer to bid 
bash sixioe launch in March, 1986 Windsor 
Income Trusthas pown 48.5%, Windsor . 

Growth TOrust 4468^ and. AH /injyir 


CMwsctible &Equity Trust 21.8*. (Money 
Management tn 1st Arad, 1987). 

As a special la unch offer we are h olding 

further information. 

Don’t delay, the offer , 
doses on May 15th. 


Win dso 

ktom&r 



■Lz: — — — Boacod c^ | 





°me 



... - 
- Wr rc 


rect 

'ount 




Financial Times Saturday May 2 1987 


WEEKEND FT V 


• FINANCE &THE FAMILY- 


Glitter, not gold 
for TSB innocents 


Hugo Dixon 
says it was 
all show at 
the first annual 
meeting of TSB 


THE TSB’s -first annual general 
meeting, held In Glasgow last 
week, confirmed a theory which 
has been gaining wide currency 
since the group’s £L3bn flota- 
tion last September. 

That ik that, the TSB’s man- 
agement is not subject to effec- 
tive shareholder discipline. 

The 3,000 shareholder who 
turned up at foe AGH were told 
nothing of substance. But they 
did not ask any searching ques- 
tions either. 

This is hardly surprising. 
The Government, as part of Its 
campaign for wider share 
ownership, was keen to have as 
many shareholders as possible. 
As a result there are 2.3m, 98 
per cent of these with fewer 
than 1,000 shares; mostly finan- 
cially unsophisticated. 

Typical comments hr those 
who attended were: “ This is 
the first time I’ve been to such 
a meeting.” “I was interested 
to see what K was like," and 
Tm treating' it as a long week- 
end.” Few of those I talked 
to had any -views about the 
quality of group’s mangement. 

The management is not only 
cushioned by 8 large and 
docile shareholder base, it Is 


not disciplined by the threat of 
takeover. Because of the 
curious circumstances of the 
TSB flotation, the Government 
felt that the group should have 
a five-year honeymoon period 
before it could become avail- 
able to be taken over. 

It all stemmed from the 
Government's de cision that no- 
body owned the TSB and that 
therefore it could keep all the 
money used to buy it The TSB, 
which is only a small bank by 
British standards fflStra In 
assets compared, say, with 
NafWesfs £83bn) ended up 
massively oyer-capitalised. 




If the group had not been, 
given the honeymoon period, 
the fear was that it would have 
been an immediate target for 
takeover bids, with many com- 
panies -keen to get their hands 
on the £L3bn cash pile. 

This cosseting of TSB’s man- 
agement would not matter 
much if it were possible to 
have confidence in its capacity 
to allocate these vast resources 
efficiently. In fact the money is 
doing nothing more exciting 
than being invested on the 
money . markets, earning 
Interest 

Sir John Bead, the group’s 
chairman gave shareholders no 
due about what he intended 
to do with it, . other than to 


say: *X am sure you would 
agree that we should not be 
rushed into precipitate action. 

1 The docility of the share- 
holders is likely to be accentu- 
ated if another pro posal, un- 
veiled at the TSB’s annual 
general meeting, is accepted. 
The group says that sending 
out annual reports to all its 
shareholders cost £L8m. It is 
therefore asking the govern- 
ment to change the law so that 
it only has to send out shorter 
documents. 

These sorter documents will 
miss out most of the technical 
— but Important — financial in- 
formation without which share*, 
holders wiU find it impossible 
to make Inf orme d judgments. 

But if the TSB’s management 
did not sparkle last week; its 
marketing and presentation — 
areas in which the group has 
long excelled — certainly did. 

The AGM was a slide affair: 
a flood-lit auditorium; a jazzy 
aim about the group’s products, 
on three . giant screens, 
Vivaldi’s Four Seasons welcom- 
ing participants. The 3,000 
shareholders were certainly 
treated to a Show. 

The TSB has also realised 
that keeping in touch with 
2.3m shareholders may be 
expensive, but that it is also 
useful for communicating with 
2.3m potential .or actual 
customers. Enclosed with the 
group’s annual report, share- 
holders received a glossy docu- 
ment outlining the group’s 
financial services. This has 
already led to a quarter of a 
million enquiries. 


Babble of tongues 


Erie Short 
warns of 
confusion as 
the new pensions 
are explained 


IF YOU are somewhat puzzled 
with the coming changes In the 
UK pensions field, odds are that 
by the end of the year you win 
be completely bewildered. 

Tour confusion will not be 
because you axe ignorant about 
the changes. It will arise from 
the explanation from an aides 
of the brave new pensions 
world and the opportunities 
available to employees. 

Until now everyone involved 
in a major pension change in 
the UK. from the Government 
downwards C<v is . It upwards) 
has been justly accused of not 
explaining the changes to the 
public, • 

But this time it is going to 
be different. All parties are 
falling over themselves to tell 
you what it is an about. This 
time there will bo Information 
overkill. Everyone will have a 
different Interpretation of the 
1988 Social Security Act, the 
forthcoming Finance Act; the 
1988 Financial Services Act 

The Government and the De- 
partment of Health and Social 
Security are leading the pub- 
licity Minpaigw, with Norman 
Fowler, the Social Services 


Secretary, as number one 
spokesman mice the 
election is out of the way- 
Here you will meet the first 
problem. Although Norman 
Fowler does not use jargon, his 
dvfl servants do. You are likely 
to be told about FPs, Comps 
and Cosras, though Che full 
names — Personal Pensions, Con- 
tracted-Out Honey Purchase 
Schemes and - Contracted-Out 
Salary Related Schemes — do not 
convey much more to die lay- 


Fowlerwnd the DHSS Intend 
to run a two-stage campaign, 
the first aimed at financial 
advisers and employees. The 
second is aimed sc the pubtic 
and w ttZ take place hi autumn, 
on the eve of the new era. 
though whether it vdH go 
beyond newspaper and maga- 
zine adve rti s e ments into. TV 
remains to be seen. 

The thought of having Brook- 
aide interrupted by the 1988 
Sodafi Security Act fa mind- 
boggflng enough. Christmas 
TV fa likely to contain heavy 
advertising from life companies 
extolling the personal pensions 
available next January. 

But these are likely to be 
SOsecond slots with the main 
advertising thrust coming from 
newspaper advertisements. You 
can be certain that the 2 per 
cent incentive payment will 
figure prominently la the sales 
pitch. 

Trade unions, which took 
decades to discover the advan- 
tages of company pension 
schemes, now appear to be one 
of their main defenders. 


Employers and pension con- 
sultants feel this may be a good 
time to rethink and redesign 
their pension arrangements to 
-meet modern conditions but 
trade unions wants employers 
to keep final salary pension 
arrangements untouched. 

The white collar trade union 
Apex condemns both per- 
sonal pensions and any 
employee nmting Individual 
arrangements. 

The line is one of strong dis- 
couragement, with employers 
being urged not to contribute 
more than the legal minimum 
any personal pension arrange- 
ment by an employee. 

There are powerful argu- 
ments for employees to stay in 
a company pension scheme but 
they are not going to be im- 
pressed . with one-sided 
argument. 

So when you are approached 
by your favourite fife company 
salesmen, or invited to a video 
presentation In the staff canteen 
by your employer, make sure 
that all the pros and cons are 
presented. 

lfr Michael Elton, the direc- 
tor-general of the National 
Association of Pension Funds, 
clad ms that Us association’s 
campaign will give an unbiased 
presentation of the choices 
facing employees. 

Full details of the 
campaign wm be revealed at 
its annual conference in three 
weeks. Mr Ekon is adamant that 
it will not knock personal 
pensions— they have a role to 
play— but his advice to people 
is to look before they leap. 


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FT2|5 


THE last piece of the Rolls- 
Royce jigsaw fell into place 
this week when the Government 
put a price on the state-owned 
aero-engine maker's offer for 
sale. The public now has all 
the information it is going to 
get before the offer closes next 
Thursday. 

Having seen what is on offer, 
it is hard to escape the conclu- 
sion that from the *w>»n inves- 
tor’s point of view, this fa the 
least attr act i ve of any of the 
Government’s recent privatisa- 
tions. 

This is not to say that it la 
going 1 to flop, or even that it fa 
not worth going for. Brzt unless 
the stock market rises dramatic- 
ally between now and the day 
dealings begin, we are unlikely 
to see the sort of premiums 
which British Airways, British 
Gas and TSB brought.' 

First, take the price. At 170p, 
it looks too sensible to provide 
much scope for a profits 
bonanza. Certainly it fa well 
above the 150p-160p range 
which the market had been 
hoping for. 

To decide what the shares 
are worth, most stockbrokers' 
analysts look at British Aero- 
space, the nearest comparable 
company with a stock market 
quote. 

With BAe expected to 
profits of about £2Z5m this year, 
its shares, at 625p earlier 
week, are trading on a mul- 
tiple of 10.6 tunes forecast 
earnings per share. Forecasts of 
Rolls-Royce’s profits of 1987 
vary, but takfng £160m as the 
average, a share price of 170p 
provides a prospective price/ 
earnings multiple of SB. 

On the face of it then, Rolls- 
Royce's shares are cheap com- 
pared with BAe's. But Ed 
Wright, an analyst at stock- 
brokers Smith New Court fore- 
casts that next year BAe's 
profits will surge ahead to 
£280m while Rolls-Royce’s will 
move more slowly to £176m. On 
that basis, BAe is on a 198S p/e 
multiple of 8.6 and Rolls-Royce 
on a multiple of 8J>. With 
nothing to choose between the 
two ratings, it fa hard to see 
where Rolls-Royce’s shares can 
go when dealings begin. 

Wright’s view fa gloomier 


Richard Tomkins assesses the latest floatation 

Roll out the risks 



DETAILS OF THE OFFER 


• Rolls-Royce chares are 
being offered at 170p, payable 
in two equal Instalments — 85p 
on application and 85p on 

September 23. 

• Minimum application will 
be for 409 shares, so the 
minimu m iniH»i investment 
wfll be £340. 

• With 86L5m shares on 
offer, Rolls-Royce will be 
valued at £L36bn. That com- 
pares with the initial price 
tag of £900m on British Air- 
ways and £5.6bn on British 
Gas. 

• The notional historic gross 
yield fa 4A6 per cent and the 
proforma historic price/ 
MHiing a multiple fa 16 - 2 . 

• Some 60 per cent of the 


shares will be placed with 
institutional Investors before- 
hand, leaving 40 per cent of 
the ' offer for Rolls-Royce 
employees and the public, 
f If the public offering is 
more than twice subscribed, it 
will be enlarged to 50 per 
cent at the expense of the 
institutional allocation. 

• Rolls-Royce employees will 
be given generous incentives 
to apply, including free, 
matching; discount 
priority offers. Rolls-Royce 
pensioners will be given 
priority In the allocation. 

• Foreign-held shares will be 
limited to 15 per cent of the 
total, as will any single share- 
holding. The Government will 


to 


keep a special share 
enforce these provisions. 

• Criminal proceedings may 

be brought against multiple 
applicants. Accountants 
Touche Ross will be policing 
the issue, 

• Prospectuses are available 
from all branches of the 
National Westminster Bank, 
together with some main 
branches at Barclays, the 
Midland and all Scottish 
brandies of the Royal Bank 
of Scotland. 

ffi The offer fa open now 
and doses on Thursday. 
Letters of allocation go out 
on Monday May 18 and Stock 
Exchange dealings begin the 
following day. 


than some. One could argue 
that Rolls-Royce Is likely to 
show faster profits growth than 
BAe in subsequent years, that 
its earnings are higher quality, 
and that sheer demand will 
drive its rating above BAe's. 
But even so, few analysts are 
forecasting a premium of mwrh 
over 30p, 

Because only 85p of the 


share price has to be paid up 
front, even a relatively small 
premium would produce 
respectable percentage gains. A 
premium of 30p, for example, 
would be worth 35 per cent 
But set against this is the 
risk inherent in present stock 
market conditions. The British 
Airways flotation in January 
benefited from a surge in the 


market between the fixing of 
its price and its first day of 
trading. Now, however, the 
market is looking much more 
volatile. 

Further, the Rolls-Royce offer 
closes on the morning of the 
local elections, so investors 
will not know the results before 
they submit their applications. 
If the market fa perturbed by 


the outcome, it could easily sag, 
so eroding the prospects for a 

premium. 

There are few other attrac- 
tions in the issue to compen- 
sate. Unlike other recent pri- 
vatisations, Rolls Roye fa offer- 
ing no special perks for small 
investors such as the one-for-io 
loyalty bonus of shares at the 
end of three years. And the 
first dividend does not become 
payable until December, so in- 
vestors will have to pay their 
second instalment on the share 
price before they qualify for it. 

If all this begins to sound as 
though Rolls-Royce is in a 
rather different category to 
British Gas, that fa not far from 
the truth. The Rolls-Royce flo- 
tation has always been seen as 
primarily an institutional affair 
best suited to the professionals 
who understand the risks and 
intricacies of the aerospace 
and defence industries. 

In any case, Rolls-Royce has 
no great wish to burden itself 
with an expensive-to-run share 
register containing the names 
of minima of small investors. 
Unlike British Airways or TSB, 
it does not look for Its custo- 
mers among ordinary members 
of the public. 

Another factor fa that the 
Government does not want to 
produce a big pr emium in the 
run-up to a general election be- 
cause it would bring accusations 
that it was lining the pockets 
of City fat cats by selling off 
the nation’s assets on the 
cheap. 

The Government and its 
advisers do want small in- 
vestors to apply for Rolls- 
Royce’s shares: after all, the 
issue would be widely regarded 
as a flop if the public ignored 
it But the overwhelming re- 
sponse to earlier privatisations 
has led them into a relaxed 
view about the likely response. 

This view fa probably justi- 
fied. The privatisation bank- 
wagon has picked up too much 
momentum to be stopped in its 
tracks by one comparatively 
parsimonious flotation. The 
premium may not be large, but 
It may well be bigger than most 
new issues offer. And there 
are a lot of people around wbo 
want a stake in the company 
they still think makes those 
rather fine cars. 



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markets at the right time?’ 


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VI WEEKEND FT 


Ruanda! Times Saturday May 2 19S7 


FINANCE &THE FAMILY 


John Edwards talks to a “mass market” enthusiast 

Unit trusts may go more public 


BILL STUTTAFORD, who this 
week was elected chairman of 
the Unit Trust Association, 
represents the acceptable face 
of the City. Urbane, charming, 
an ex-stockbroker and son of a 
country doctor, he seems far 
removed from the aggressive 
salesman trying to persuade 
you to buy the latest fiavour- 
of-th e-month unit trust. 

Yet for someone who has 
concentrated on the investment 
side, he is surprisingly forceful 
about the need to market unit 
trusts to a much wider popular 
audience. 

He would like to see a generic 
advertising campaign far unit 
trusts, promoting them as a 
general concept rather than as 
specific company products. In 
particular, he favours the use 
of television advertising to 
appeal to the popular mass 
market 

" At present we are only 
appealing to the relatively 
sophisticated investor and there 
is a huge educational job to be 
done in reaching a wider 
public,'* says Stuttaford, riding, 
on his own admission, his 
favourite hobby horse. 

“There is something wrong. 
The latest government survey 
shows that 20 per cent of the 
adult papulation in Britain now 

owns shares. But only 4 per 
cent to 5 per cent owns unit 
trusts. This is the wrong way 
round. First time investors 
should buy unit trusts, where 
the risk is less, rather than 


single shares,” he says. “The 
problem is that it is too expen- 
sive for individual unit trusts 
groups to sell outside of the 
normal range of investors. So 
the obvious way is to spread the 
cost through collective adver- 
tising.” 

This aggressive approach 
seems slightly strange coming 
from a man who since leaving 
Oxford in 1955 has been in- 
volved in investment manage- 
ment in the City. He became a 
member of the Stock Exchange 
in 1960 and a senior partner of 
stockbrokers. Laurence Prust & 
Co in 1983. Although he helped 
found the Framlington Group 
as an offshoot of Laurence 
Prust in 1969, and is now its 
chairman, he remains an invest- 
ment man unlike many of bis 
colleagues at the Unit Trust 
Association. He still personally 
manages the first Framlington 
trust launched in 1969. 

However, the emphasis on 
the promotion of unit trusts 
fits in well with the radical 
change in the role of the Unit 
Trust Association which will 
inevitably result from the revo- 
lution in the City as the Finan- 
cial Services Act is put into 
place later this year. 

Under the new regulatory set- 
up, Lautro (Life Assurance and 
Unit Trust Regulatory Organi- 
sation) will take over most of 
the UTA's functions in monitor- 
ing and disciplining the activi- 
ties of its member companions. 

Zt sets a maximum scale of 


commissions that can be paid 
to brokers and tries to preserve 
standards by vetting advertis- 
ing arir? promotional material 
under a voluntary code of con- 
duct. That will now all come 
under Lautro through new regu- 
lations yet to be finalised be- 
cause the political i nfi g ht ing 
goes on. 

So with the main reason for 
its existence disappearing, the 
UTA will have to find some- 
thing else to do if Stuttaford is 
not to preside over its demise 
during the next two years. 

He is confident that the asso- 
ciation will survive by ch angin g 
Its priorities. Instead of impos- 
ing controls, he sees the UTA 
playing an important consulta- 
tive and lobbying role helping to 
ensure its members' views and 
interests are presented to the 
right organisations, including 
Lautro. the Securities and In- 
vestments Board, Inland 
Revenue, Parliament and the 
political parties. 

Bu t be also hopes that the 
UTA win put a lot more effort 
into promoting unit trusts 
generally over and above the 
present fairly low-key policy of 
running seminars, exhibitions 
and producing booklets extol- 
ling their virtues. 

The other main task ahead 
for the UTA, which Stuttaford 
expects will develop mainly 
after his term of office ends, 
is international expansion with 
the proposed harmonisation of 
the unit trust industry within 


the EEC, due to take place in 
1989. 

Of more immediate interest 
are the Department of Trade 
and Industry proposals to 
change radically the ground 
rules for unit trusts on what 
assets can be held and the 
pricing mechanism. Recognis- 
ing that UTA members have 
very different views of the 
subject. Stuttaford is fairly 
diplomatic. 

He points out that a lot of 
time and effort has been spent 
in building up public accept- 
ance of onshore guaranteed 
unit trusts in their present 
form, restricting solely to in- 
vesting in shares and govern- 
ment securities. So if the DTI 
does want to relax these restric- 
tions to include a wider range 
of investments, including 
futures, options and property, 
then he thinks they should be 
called something else — open 
ended investment companies or 
something equally snappy. 

On the proposed changes in 
the pricing of unit trusts, he 
favours the suggested switch to 
a single quoted mid-price, hut 
only on the grounds that it 
will appear to be simpler to 
the general public. In fact he 
feels the present system is 
probably fairer to existing 
holders in particular, although 
it is widely believed to be un- 
fair. 

Framlington is one of the 
smaller unit trust groups, but 
under Stuttaford' s guidance it 



More trust 
in technology 


Bill Stuttaford: aggressiv e approach 


has established a good reputa- 
tion over the years and a 
creditable investme nt t rade 
record. As an active supporter 
of the Conservative party who 
was awarded the OBE for poli - 
tical services in 1983. Stutta- 
ford is well qualified to lead 
the UTA in its new role as a 

lobbying organisation. It will 
probably have to fight hard to 
maintain an effective voice in 
the fast changing times in the 
City. 




He believes there Is a big un- 
tapped market for unit trusts in 
Britain to be exploited properly 
and brusquely dismisses the sug- 
gestion that the recent rapid 
increase in the number of funds 
may confuse and discourage 
investors. “ No one ever com- 
plains about there being too 
many shops. So why Should they 
say there are too many funds. It 
doesn't matter how many there 
are so long as they are ful- 
filling a need.” 


Why it pays to give 
| your savings me 
Five Star treatment 



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You can open an Abbey 
National Five Star Account 
with just £500. 

You’D get a high interest 
rate that goes up automatic- 
aflythemoreyouinvest,and i 
it applies to all themoneym : 
your account. 

It’s as simple as that 

You’D also have instant 
access to your savings. You . I 
can withdraw up to £250 a 
day in cash or £15,000 by 
cheque from any Abbey 
National branch, with no 
notice or loss of interest 

And with an Abbeylink 
card you can put money iii 
or take it out 24 hours a day, 

7 days a week. 

That’s why it pays. 


NEW LEVEL / 
£ 25 , 000 + ★ 8 . 00 % 


■■■■■■■■■■■.■■■■■■■I 

■ ■■■inRUHE miR W 
RRRRRRRRNRIIRRRHRI 


RinoiHRUiRRlI 

■ ■muauiZuni 




£ 5 , 000 + ★ 7 . 50 % 


Abbey National Building Society, 
Abbey House, Baker Street, London NW1 6XL. 



t 

ABBEY 

NATIONAL 


TECHNOLOGY trusts were a 
fashion in the early 1380s 
among groups who whole- 
heartedly -embraced the specia- 
list funds philosophy. At pre- 
sent there are 14, spread actor? 
three sectors — international, 
Japan and US. 

From 1883 until a few months 
ago the sector was looking 
bombed out. A number of trusts 
were launched just is time for 
the collapse in US technology 
“hot” stocks and the venture 
capital ind ustr y which funded 
them. 

The one-year figures in our 
table for the funds from the 
international sector show rank- 
ings mostly in the 60s, 70s and 
80s. Lloyds, Wardley, Prolific, 
Barrington. F A C. BG and 
Henderson languish at these 
levels over longer periods as 
well- Brighter spots include 
Crown and Scottish Equitable, 
both relatively new funds. 

As the' six-month figures 
Show, technology trusts are now 
creeping up to sunnier regions 
in the rankings, and some are 
hitting the top spots. BaJilie 
Gifford has leapt from S6th to 
third in the sector. TR Global 
Technology is the excepticii 
which proves die rule, having 
been in the top 10 sector 
throughout its life. 

Since many technology trusts 
have a strong American bias 
they were hit badly by the 
dump of the US market to 1983. 
So the geographical spread of 
investments is something to 
enquire about when considering 
a technology trust Within the 
international sector, weightings 
can vary a lot. 

The sustained performance of 
IB .Global Technology has been 
achieved by manager Brian 
Ashford-RusselTs strategy of 
aggressive switches in geo- 
graphical asset allocation. At 
present the trust is around 50 
per cent in the US, 10 per cent 
in Japan, and 25 per cent in the 
UlC 

Weightings have fluctuated, 
however, from 35 per cent to 
80 per cent in the US. 10 per 
cent to 30 per cent in the UK 
and 5 per cent to 30 per cent in 
Japan. Ashford-Kusseli has also 
been up to 20 per cent In cash. 

Successful geographical shifts 
bave produced very good results 
to this esse, with performance 
comfortably above the interna- 
tional sector average end the 
pure US trusts, which are now 
beetamng to bave their day. 

BaSSe Gifford put their im- 
proved ranking down to the 
high percentage of the trust — 
47 per cent — which Is in the 
TS.' They also have 10 per cent 
in Japan. - Managers of pure 
Japanese technology funds have 


had a hard time of it in the last 
few months, as <he table shows. 
But BG’s Douglas HcDougall 
feels that the out-of-favour tech- 
nology companies are tm very 
low multiples— “you cant say 
that of many sectors of the 
Japanese market j-and axe, 
therefore, worth buying. 

The US has dominated the 
technology trusts sector. Is -has 
.been “the one market to get 
right ” according to - Brian 
Ashford-RusseH. Whereas in 
the heady days of 1982. frosts 
were marketed with glamorous 
sci-fi visions of lasers, genetic 
engineering, and cloning 
organisms in outer space, the 
approach today is much more 
down-to-earth. 

Ash f o rd-Russril feels this is 

reflected in a very different 
manag ement style. The whitt- 
led entrepreneurs who were 
running many technology com- 
panies — into che ground, in 
some cases— have been replaced 
by managers whose priorities 
are ^wnnHjii controls and mar- 
keting. This, rather Chan being 
in the forefront of technology, 
U what will tell long term. 

Single-market technology 
funds should be treated with 
caution, though the two US 
trusts are now near the top of 
their sector. 

Target is promoting its fund 
again, but is describing it as a 
* highly geared fund, not In- 
vested in small engineering 
companies or the like which are 
not true technology issues." 

The group is cautiously opti- 
mistic about a sustained re- 
covery for technology. Says 
director Dylan Evans: “ The US 
economy is beginning <to re- 
spond to the lower dollar and 
forecast growth Is stronger than 
generally expected. This should 
benefit cyclical companies, 
among which technology com- 
panies are well to the fore." 

Target also bases ha views on 
an attractive technical argu- 
ment: since the 1960s, a period 
of underperfonnance against 
th emarket average by techno- 
logy stocks has always been 
followed by a strong period of 
outperform ance. This Is why 
such stocks “have only just 
began to perform against more 
defensive investments such as 
consumer related issues.” 

DoBar weakness, the key to 
technology's i tee from the 
ashes, is not likely to go away. 

Brian Arirford-RusseR agrees 
that now Is "not a bad time to 
be a technology investor," al- 
though he expects the sector to 
mark time now until later in 
the year. 


Christine Stopp 


PERFORMANCE OVER SIX MONTHS AND ONE 
YEAR TO APRIL 1, 1987. OFFER TO SID, 
INCOME REINVESTED 


INTERNATJQNAL&ECI'OR: 

TR Global Technology 
Crown Inti. Technology 

Scottish Equitable Technology 
Lloyds Bank Inti. Tech. 
Wardley Technology 
Prolific Technology 
Barrington Worldwide Tech. 
FAC International Technology 
BG Technology 
Henderson Global Technology 
NORTH AMERICAN SECTOR: 
Sentorel American Technology 
Target Technology 

JAPAN SECTOR 
Senti nel Japanese Technology 
SDH Samuel Japanese Tech. 
International sector average 
North American sector average 
Japan sector average 

Source: OPAL 


Six months 
Growth % 
(sector 
ranking) 

28* (4) 
18.7 (21) 
111 (32) 
10-6 (50) 
20 J (17) 
18.5(22) 
ISA (25) 
18.6 (49) 
31.2 (3) 
4.8 (87) 

28.0 (5) 
19-8 (7) 

- 6-2 (42) 
” 16.9 (55) 

113 

S3 

- 23 


One year 
Growth % 
(sector 
ranking ) 

35.7 (8) 
28.3(23) 
243 (22) 

18.1 (64) 
163 (73) 
15 h (75) 

14.1 (80) 
123(83) 
U4<86) 

19.2 (90) 

124) (18) 
113(14) 

373 (27) 
6-1(53) 
213 

sa 

343 


BRIDGE 


EARNEST beginners, who want 
to learn bridge the right way, 
win do well to acquire a copy 
of Learn Bridge With Reese. 
This hook first appeared in 
1962 but is now available in 
paperback (Faber, £335). After 
a description of the game and 
a section called First Moves In 
Play, the author moves on to 
bidding, then to Stratagems in 
Play, and ends up with more 
thoughts on bidding: 

Let us see how Ducking is 
not the sole privilege of the 
declarer but can be employed 
by tire defence: 

N- 

♦ Q J 10 8 5 
J72 

0 7 3 

* A Q 6 

W £ 

4 A 7 3 2 0 9 6 

^63 O AK854 

OK 10 64 OJ8 

* J 84 *10732 

S 

♦ K4 

O Q10 9 

O A Q 9 5 2 

* K 9 5 

South deals at a love score 
and opens with one diamond. 
North replies with one spade 
and South reblds one no tramp. 
North raises to two no trumps 
and South carries on to thnu* 

As both spades and 
have been hid against him. 
Wert decides to leSdfrU 
doubleton heart, hoping that 
his partner might have 
strength in that suit East Is 
delighted with the lead 
^ rtthouBh he most not win 
with his king he must play an 


encouraging card, the eight 
The declarer takes in hand and 
plays on spades — there is 
nothing else for It — West gets 
in . with his ace and leads 
another heart This enables his 
partner to win and cash three 
mure tricks in the suit to 
defeat the contract 

If West leads any other suit 
he loses a vital tempo, which 
is fatal to the defence. The 
heart lead avoids this loss of 
tempo but it needs the co-oper- 
ation of East's docking play to 
make it the winning defence. 
It maintains the defensive 
lines of communication. 

In his new book. What Would 
You Bid? (Faber, £335), 
Terence Reese deals exclu- 
sively with bidding and pre- 
sents the problems as they are 
presented in a bidding competi- 
tion in a bridge magazine. Let 
us consider this hand, held by 
South at teams-of-four: 

* — 

<3 98 6 5 
O JS643 

_ , * K 64 2 

The bidding: 

East South West North 

Pass Pass l * Double 

4 * Pass Pass Double 

Pass ? 

What should South say? Ten 
of the panelists voted for 4 NT, 
expecting to make 11 tricks in 
the milt picked by North, hot 
the director of the panel did 
not think much of that bid. 

Nine of the panelists voted 
for Pass. The wisdom of this 
is summed up in one answer: 
“■Partner could have bid 4 NT 
If he really wanted me to bid. 
i have a king and a knave, and 
»ur tricks are easier to make 
than 11." What was your 
choice? 


Pro' 


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WEEKEND FT VII 





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Financial Times Saturday May 2 1987 


FINANCE &THE FAMILY 


Take a gamble on Ernie 


Investors’ Tale 

Premium Bonds are 
worth buying in 
times of falling interest 
rates, says Kevin 
Goldstein-Jaekson 


INVESTING IN highly specula- 
tive shares is really a form of 
gambling , although it CAD. Still 
produce excellent profits. 

Jh these days of relatively 
low Interest rates for savers, 
there is also another means of 
gambling that is particularly 
attractive to higher rate tax- 
payers who do not want to tie- 
up their money for years in 
Business Expansion Schemes, 

This form of gambling, unlike 
speculative share purchases,' 
also returns your starting 
capital intact on a request for 
its refund. It la also an Invest- 
ment that can possibly turn £10 


into £250,000 tax-free in about 
four months. What is it? 
Premium Bonds. 

Premium bonds are easily 
purchased by filling in a form 
at any post office. The minimum 
purchase is £10 for 10 bond 
units and the current maximum 
bond holding per person is 
£10,000. 

Bonds are not eligible for 
inclusion in the prize draws for 
the first three calendar months 
following their month of pur- 
chase. After that, they are auto- 
matically entered in the weekly 
and monthly prize draws, with 
individual prizes from £50 to 
£250,000. The prize fund itself 
Is currently based on attribut- 
ing a notional 7.75 per cent 
per «nnnm yield to the total 
amount of bonds held. This is 
boinrj cut to 7 per cent from 
August 1 and will mean fewer 
prizes of £1,000, £500 and £100. 

Theoretically, if you have the 
£10,080 maximum bond holding, 
your chances of winning at lust 
one prize in any draw are 1 in 


1.7. How does this work out in 
practice? 

Obviously, some people will 
win more than others. My wife 
and I each have the maximum 
£10,000 bond holding, fax the 
past year I won nine prizes of 
£50 each, one of £100, and one 
of £500: a total of £1,050. My 
wife was less fortunate, only 
winning three prizes of £50 
each: a very poor return of £150 
on a £10,000 investment 

But perhaps next month she 
win win the £250,000 prize. She 
ctafmff Ernie, the computer pick- 
ing the prize winners, seems 
to favour people in Blackpool, 
near .1118 home in Lytham St 
Annes. But apparently file 
antrfifa* is “ regularly scruti- 
nised by Impartial experts ” 
and even the Government 
Actuary makes monthly stati- 
stical checks on the bond 
numbers generated by Ernie. 

Perhaps my wife is just un- 
lucky. She has had standing 
forecast football pools entries 
(admittedly for the lowest stake 
passible) and, like many other 


people, has never won any- 
thing with them. 

While it is possible to win 
over £900,000 on the football 
pools, there are other lotteries 
available where the possible 
rewards (and risks) are even 
greater. 

For example, fixe Canadian 
Lotto 6/48 once produced 
a jackpot winner of 
C$18.390, 588.80 (£6.4m), and it 
regularly features prizes of 
several million Canadian 
dollars. 

This lottery is now so huge, 
• it has attracted considerable 
non-Canadian interest, especi- 
ally as the prizes are tax-free 
and the organiser promise that 
u your winnings will be con- 
verted to any currency yon wish 
and confidentially forwarded to 
you anywhere in the world.” 

Lotto 6/48 has two draws 
each week and costs a minimum 
of US$45 for 20 draws. But 
don't all rush to Lotto 6/49, 
Canadian Overseas Marketing,, 
P.O. Box 48120, Suite 1703, 595 
Burrard Street, Vancouver, BC, 



Canada, V7X 1S4 as the odds- 
against winning are enormous. 

Its popularity does suggest, 
however, that if a lottery with, 
enormous prizes was established, 
in Britain it could easily gener- 
ate enough profit to completely 
fund the BBC. Then we could 
all benefit from the abolition 
of TV licences as gamblers 
from the UK and overseas tried 


to win millions against tre- 
mendous odds. 

If premium bonds are an 
acceptable form of helping to 
finance Government spending, 
then what is wrong with a UK 
Lotto to finance the BBC? And 
perhaps I might be luckier with 
a UK Lotto than I have been so 
'far with the Canadian one: a 
. C$10 prize on a US$135 stake. 


Problems of tenants 


Over 28 years , ago I bought t 
bungalow a t HoUand-os-Sea 
hoping to retire there and Hve 
near my relations. X let it 
fully famished for periods of 
three yean as X could not afford 
to keep it empty or unoccupied. 
Every Tenancy Agreement 
made It dear after three yean I 
would want to myself occupy 
my bungalow and move from 
my house in Bournemouth. 
Unfortunately, due to the 
Labour Government telling 
furnished tenants they could 
tear up their Tenancy 
Agreements I lost control. Now 
It seems a Ufe long ambition 
to occupy my bungalow seems 
to have been, lost whilst my 
tenant has no Intention of 
moving on grounds of hardship. 
Owning my own house in 
Bourne month, I cannot do much 
or anything about it Are 
Tenancy Agreements n waste 
of money, apart from getting 
dot of your tenant should he 
fail to pay his rent or wilfully 
get rid of some of your 
furniture etc, replacing same 
with his own all against the 
wording of the Tenancy 
Agreement which seems to 
cany little or no weight in 
the law. 

Ton would be wise to consult 
a solicitor with a view to 
ob t a i n in g legal aid to take 
proceedings against your ten- 
ants for possession at the 
bungalow. The Rent Act 


provisions would enable you 
to recover possession in certain 
circumstances where the Court 
considers it reasonable (eg if 

£ f would cause you greater 
ardship not to have' possession 
than it would cause file tenants 
to be required to move). It la 
also not clear whether you may 
have compiled with the 
requirements of Case 11 or 12 
and not even have to rely on 
the Court’s discretion. It is not 
correct that the tenancy agree- 
ment is of no effect The Court 
will have full regard to fixe 
terms of a tenancy agreement 
subject to the overriding pro- 
vision of the Rent Act 1977. 

Get mit of 


>:• K* 


luge 


My wife and I are both 
pensioners and a major part of 
our income is obtained from 
Insurance Bonds. We have 
read that we might do 
somewhat better If we were to 
switch some of aur. invested 
capital from Bonds to Unit 
Trusts: we do not uso any 
of otxr CGT allowance and we 
try to keep our gross income 
within the limit for full Age 
Allowance. 

As we encash more than tit* 

5 per cent tax free allowance 
Cram ear Bends each year, we 


need the income, we have 
begun to think that although 
we keep within our age 
allowance timlt (£2.S H) this 
year) we might have problems 
in the years ahead. In any case 
we *h*nk we would like to put 
half of ear bends Investment 
of £25308 into unit trusts fax 
the hope of Improving our 
ineome 

This year our income is 
arangefi as follows: 

BBSS Pensions 3.189 

Annuities 2424 

I ns ura nce Bonds 3387 

Wife's freelance work is 
within untaxed Unit 

1— Bow do we go about 
switching half our bonds 
investment to mW trusts fax 
order to make a start in trusts 
this coming fiscal year? 

2— 1 What wfJS be our tax 
position for 1887-88? 

3 — Win the switch give ns 
tang town tax problems? 

4— How does one arrange 
income from unit t r usts by 
using trust growth, which 
would be well within the CGT 
allowance? 

In calculating the £9,400 thres- 
hold for the 1938 per cent age 
surcharge for 1986-87, your 
wife's freelance earnings must 
be taken into account; on fixe 
other hand, any untaxed capital 
element in your annuities does 
not count, nor (tor 1986-87) does 
tixe July 1986 increase in your 
DH5S pensions. 

The maximum age surcharge 



No lagat nspontlbMty can Jbs 
accaptad by thm Financial Timms tor 
tbs answers givan in theta columns. 
Ml inquiring will bm answarad by 
post os soon ms posslbta. 


tor a married couple for 1986- 
1987 is 19.33 per cent on £1,275, 
viz £246^0. 

For 1987-88, the threshold for 
fixe 18 per cent age surcharge 
will be £9,800. The maximum 
age surcharge for a married 
couple (both bom after April 5 
1908) will be 18 per cent on 
£1,320, viz £237.60. Where at 
least one of the couple was bom 
before April 6 1908, tixe maxi- 
mum surcharge will be 8 per 
cent on £1£75, viz £283.50. 

Provided that yon were both 
bora after April 5 1908, there- 
fore, you will not have to pay 
more than £237.60 in age sur- 
charge in 1987-88 even if your 
taxable gains cm surrendering 
insurance bonds push your total 
income (for age allowance pur- 
poses) more than £L320 beyond 
the £9,800 threshold. If either 
of you was born before April 6 
1908, however, the Chancellor 
has imposed a higher surcharge 
limit upon you. In that case, you 
will not have to pay more than 
£283.50 even if your insurance 
bond gains push your total 
i ncome more than £1,575 beyond 


the threshold. 

Presumably there is no pro- 
spect of your insurance bonds 
gains pushing your total income 
(for age allowance purposes) 
beyond the threshold for 13 per 
cent higher-rate tar , say 
£22.000. Even if this is possible, 
topslicing relief should relieve 
you from any actual tax liability. 
We can only offer you our 
sympathy in having been misled 
into tWnXinj r that insurance 
bonds were a suitable invest- 
ment vehicle. Over the years, 
we have tried to warn our 
readers against buying Insur- 
ance bonds which wlH mature 
(or have to be substantially 
surrendered) in years in which 
they are likely to be within the 
scope at age surcharge. Sur- 
rendering insurance bonds and 
investing the net proceeds 
(after tax) in unit trusts will 
not produce any long-term tax 
problems that we can foresee, 
from the facts outlined. 


No gains 
on repairs 

Due to a foully Infill In our 
present house we need to move 
out for a month while the 
foundations- are dug out and 
replaced. We have decided to 
buy mother house to the same 
road, which has «imHar 
problems, repair it and then 
move in while we repair our 
own. 


The second property wCQ cost 
£28,000. Repairs and expenses 
win cost £6,000 and we hope to 
sell for £38,000. Can X offset 
the expenses against capital 
gains, and if not, would I be 
better off to set up a company 
and buy the property through 
It? 

Your best guide through the tax 
labyrinth Is, of course, the 
solicitor who will be acting for 
you — all good solicitors are pre- 
pared to advise on the tax 
aspects of domestic property 
transactions, as an integral part 
of their conveyancing service. 
On the facts outlined, however, 
we can say that using a com- 
pany looks a bad idea. As you 
will see from the free pamphlet 
CGT4 (Owner-occupied Houses), 
obtainable from your tax office, 
you may not have to pay CGT 
on the sale of your temporary 
home, provided that you give 
the appropriate notices under 
section 101 (5) (a) of the Capi- 
tal Gains Tax Act 1979, jointly 
with your wife. If there is a 
CGT liability (e.g. because the 
Inspector invokes section 108 
(3) of the CGT Act, and the 
Commissioners dismiss your 
appeal), you may be given 
the benefit of the concession 
announced In the Inland 
Revenue press release of June 
11 1970: “ Expenditure on 

(including expenditure on deco- 
ra tionsi, undertaken In order to 
put it into a fit state for letting 
and not allowable for the pur- 
pose of schedule A. is regarded 
as allowable expenditure for 
capital gains tax purposes.” 


Wnenhis ship was torpedoed... 
so was his future peace of mind 

Leading Seem on R tH n served right through the war 

He was torpedoed inihe Atlantic and Buffereatam exposure. He 
served In Landing craft, end his home received a direct hit from a 
bomb wNie he was the™ on leave 
In 1B45 hb mind ooM take no man, amt hospmdthe next 25 year* 
in end out of mental hospitals. He now kves with us. 

Sailors, Sokflers and Airmen stfll risk mortal . 
breakdown in serving their country: However 
brave they mey be. the strains ate sometimes 
unbearable. 

we rare for these gallant men and women, 
al home and In hospital. We run our own 
Convalescent Homes, a Hostel for the younger 
homeless who can stiff work, and a Veterans' 
Home for the ageing warriors who are no longer 
abte to look after themselves. W6 abo assist 

people HteR tH nat Pensions 

Tribunals, ensuring that they receive e8 
that is their due. 

These men and women hare 
sacrificed their minds in services 
Tb help them, wo must have 
hinds. Please sand a donation 
and, perhaps, remember us 
with a legacy. The debt Is 
ewedbyattofua. 

'Thejriw given 
more (ban they 
could- pi oaso 
gh/e as much 
as you can.” 


€x-s€Bvi«s rrsifm lucLFflite society 

Broadway House, The Broadway; Wimbledon SWW 1RL. Tth 01*543 6333 
find andesed my donation for CSttnOICSOSesO. 
send me turtfwr datafe about the E»Services Mental WsKare Society 



| Name (BLOCK LETTERS}.. 
■ Address.— — 


Signature., 


How mud! money , 
will you make in 
Roils Rovce? 

Gooendfy speaking the private lowstor almost always makes money la nawissms. But 
/usf bow much depends on having the nghi information and gemg the apfticatiw 
weighted “dead right", and (here is a secret here. Thousands of people atready make 
good steady pm&s investing in new Issues and alien nothing else . . . year after year. 
They 're not especially clever or anything hke mat, lust weB informed and In Dm tight place 
at the right Om. The New Issue Share Guide is the country's only spedaBstpubBcutbn 
devoted exclusively to new issues. 

DmpusaBnelodeyandwe wBlsendyouFIEEdetaas, thenyoutoocenanfoyttesimpie 
secret that already enables Aundrerfs ot mnsutrs to maximise those profits... sately... 
mttiisexdtmg area of the stock mariot 
P.S. DonT miss our views onHoBsftoyoe — the next important new issuel 


Id: Hew tune Share Guide Ud, 3 Fleet Street, latdoB BUY 1AU 

it.—.. 

name 

Mtasa 


I 


FT2/5 


.Postcode.. 


TOP OF THE CHARTS 


R EDWARDS AND JOHN MAGEE 
Technical Analysis of 
Stock Trends 

John Magee Inc 5/e 1966 £54.95 

J.J. MURPHY 
Technical Analysis of 
Futures Markets 

Prentice Hall 1986 £39.15 


M.J. PRING 
Technical Analysis 
Explained 

McGraw Hill 2/e 1985 £49.95 

T.H. STEWART 
How Charts Can 
Make You Money 

Woodhead Faulkner 1966 £25.00 


j , .wo-iabie a: Parks Soc^opv 1“ L 

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I * or '9 5 r c*r. Siree:. Marc.hes'.er M2 i C A -CS * • S3* &<z : f 


i i 1 | “ fc .i!nc $507 


!!'■ A\D CM 
1 ti< TO BID. 

tv 

. - . -v «c 

•iC»Z 


;s •" 
:* r 


Weekend Business 


FINANCE FOR 
LEASING COMPANY 
REQUIRED 

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LISTING 

Write Box F7337, Financial Times, 

10 Cannon Street, London, EC4P 4BY 


10 i% 


NET INTEREST 
PER ANNUM 


HIGH YIELD ACCOUNT £ 500 nrin. 

ALL AMOUNTS 10J% P-a. net fixed 

Interest may be paid annually, half-yearly or, for deposits 
over £50,000 monthly. One year's notice to redeem, no 
penalty during notice period. For full details simply send 
this advert with your name and address. 

Inquiries from brokers, fina n cial advisers, ©to, welcomed. 
Ttefctftw requirement* 

BRADFORD INVESTMENTS PLC (D5) 

91 Mannfag ham Lane, Bradford. West Yorkshire HD1 SBN 
Phone: (0274) 725748 or AnswexphOM (02W) 737548 

Licensed Deposit Taker Established 1372 


AfiENT WANTED 

FOR, REPRESENTATION . 
IN THE UK 

For FI*rW»-USA Raceppve Tour 

operator *nd convention 

services company 

Write f« 

•“•ffSRrrv 


OTC Hoalthcaro 
Product, Required 

Specialist UK he*l»Mr* cwnpwjf 
wSm OTC Onto » complement to 
wlcdiw portfolio. "Pharmacy W'F 
*n4 6«. eonaWeted end die pro- 
ducts may oe either efte tlMt ed. 

dormeat or dwtopmwq. bnmee. 
Purclwne, Uewwe or 
isems comWmwI, He ep D w ea 
treated ceohdeittiany. 

Jean Kerry. 21* Chatter Hoed 
WAS SAW 


I T L CHOU S Ow e K e n ny N Croup 
ftotatJee «a Hb Ah jrfrerttment 1* 
net an otter or invttntJoft to the eoMic 


» wMtrtbe for Mm but t> tor 
bitomuitJeo. for the m wlm wish to 
tnfca tea. massar wrCMr. Mil . damn* 
tmther trite a Prosoectn* end. AneUce- 
»MI Form will be made available bi 
cowan .aad can .bn oota 
M f ep f idwleb tUWan Maneawmi 
OB 01-73* *47* at am time. 


a M j2: 


HATTON CAROM Bimm LTD, tor 
Jemurv. CJocx and Watch bwtaesa 
pramtaubd and sranMwB. Lavtoia 

01-448 7*00. 


The Company 
vSpecialists 


wmiMi Iiimii i i n in inn 1 1 

-_J»ITBWA77WW I 

tattlHRME SHMCE8 N 

■SSABneHHBN 


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vJ«sggft« lTC-S| 

bwei^eveeaa 


PINZA PLASTICS 1 A 1 > 

INJECTION MOULDERS/ 
TOOLMAKERS 
Have now added a 
CLEAN ROOM 
facility to their activities 
Ekrasion/Injeotion moulding 
Assembly /Printing /W riding 
foe the medical industry 
Telephone 0494 450015 


SPORTS FACILITIES 

MAJOR NORTH LONDON 
SPORTS COMPLEX 
Attractive setting. avaUabla for 
mkt-waak hire: Cricket, hockey, 
tennis and squash. Two barn and 
cat* ring. Suit company day or 
promotional uaa 

Write Box F733B. Financial Timas 
tO Cannon St. London EC4P 4 BY 


Hotels and Licensed 
Premises 


UNIQUE OPPORTUNITY ARISES 

to acquire a top class restaurant in Gran Canaria South, 
reputedly the finest in the Island and in rapidly expanding 
area. T/O now approximately 100 million pesetas. 

Freehold and operating company offered or company couia 
be sold and premises leased. Restaurant most be sold due to 
domestic circumstances of owner and this will be reflected to 
the price of sale. 

Immediate Investigation suggested for settlement; can be in 
any currency. Commission will be paid to agents. 

Interested parties please telephone 0534 23647 


Businesses For Sale 


HOTEL FOR SALE 
NKRSTE1N, WEST GERMANY 
HOTEL WITH 33 ROOMS iA 3-ROOMED ^AR™™T 

Plants contact: 

Nori OWm, Inland 00352 52 2MSO/23007 
nr Tali West Germany 0*123 215t or 2991 


LISBON - PORTUGAL 

For sale due to ill health, fax centre. Imp^export comply 
having distribution network for Imported KW>ds- Complete 
withfreehold warehouse/offices and communication faculties. 

M m I for manufacturers and exporters. 

Write Box E1M6, Financial Tfm« 

10 Cannon Street; London ECiP 4B7 


PETROL FILLING 
STATION FOR SALE 

Annual r emo ra/ 750.000 GjDom 

"■fisaaar 


ELECTRICAL C0MPAKY 
WANTED _ 

Expanding Swedish company wiMwe 
is purchase smell electrical com- 
peny tor bitefsttiflB <* y l * to P m f At 
vrithiA ft* tompawr hmailetton 
industry- 

M Cemraa Sr. London B04P 4BY 


FM SALE 

Flight cans eempeny sftueud In 
London. Factory rosmriserurinfl 
quality lilgbt esaws far mmrfc/fikn/ 
CMiwre/UshTino Industry. Turnover 
£600,000. Profits We business. Far 
huthor _ AstoU* P'MJt Wr*s Box 
MX?. Financial Tbnos. tC Carman 
Straws, London £C4P <SY- 


FULLY EQUIPPED 
PHOTOGRAPHIC 1 HOUR LAB 
Modem equipment. Centrally 
Stomted. HlflU profit. Rapidly, . 
expending business, large prsmlseS 
Long lease. Snidio. etc 
SsnuSns Inqirines 
around £35.000 s*v 

Writs Bax HW3. 

t0 Carmen St. London ECXP 4 BY 


Businesses 

Wanted 


Required 
Childrens 1 Wear 
Manufacturer 

Our clients or* seeking a 
suitable acquisition 
Tumow up to £lJ»m pa 

Principals only rapty to: 

CORPORATE eOUWMLUNO LTD 
2t/» FlUroy Squani 
London W1P BMH .. 
Telephone: 01-380 0030 
Please quote nf: CL/CCL/dB/46B9 


HOW MUCH r 
BULL CAN YOU 


Equities, as anybody who has been 
investing in the stockmarket wSI know, 
have done particularly well over the last 
few years. 

However, you may fed that equities 
are possibly becoming top heavy. The inter- 
nafiond bond markets— as now available 
through the Cannon International Currency 
Bond Trust-- can provide you with some 
protection of your bull market gains by 
offering you a high income and a continuing 
epportunity for safer capital growth. 


THE CASE FOR BONDS 


; On their own, international bonds 
provideinvestors with the fundamental 
security of a fixed rate of interest We then 
aim to add even more value to this bond 
portfetfo by synchronising our holdings 
whhflikluating currency rates, the 
objective being to provide additional capital 
gams on top dr a ngh income yield. 

;fbr instance, in the years ’81 10 * 86 , 
the total rate of return from international 
fbced interest government bonds— when 
coupled with the effects of currency 
movements— was 300 % forthe USA and 
291% for Japan. 

~ AAA RATED INVESTMENTS 

Cannon Lincoln will be investing only 
.in the highest caDbre of bond or gilt, 
hamdymose guaranteed by governments 
Or given Triple A* corporate ratings. 

And, Guinness Right, a subsidiary of 
the internationally respected investment 
banking house of Guinness Mahon, will be 
acting as advisers to the trust 

ADDfTlONAL INFORMATION 



and a unit Cenificse wi namafly be Issued wiltm 23 ‘ 
cbjsof jetdenwit 

Tosd uniis, rimpl/ endorsewiFceniSeate and send 
it to ttie Managers fe^nentwal normally be made 


/ox ana 
jraJ gains reateed hone 
y?ar eoeed the tax-free 6mh vjhidi s currently E6.600. 

An nbalcturgeof 5% is jnduded in the offer price 
of the VWs. There s an animal charge which * 
cmendy 1 % of the value of the fund plus WAT. 

Unit prices are pubtahed in the financial ISneiand 
J^7e%raoh.Tnegro5ses^natedyiddaiIaunchan 
1H May 1937 is 6%. 

Trustee' MkiJand BankTruS Company limired. 11 Old 
Jewty. ujndan EC2Fl60LA!fln^|ieB: Cannon Fund 
Managers Limited, l Otympfcwfiy,LVeniblevi . 
Middlesex HA90NB. ffrarHeretf /to. 1 1566691 fiidand. 
Tetephore 019023876 



CANNON UNCOLN 


•AN EXCTTING NEW UNIT TRUST 

• A VIABLE ALTERNATIVE TO 
EQUITIES 

•AUTHORISED BY DEPARTMENT 
OF TRADES INDUSTRY 

• HIGH INCOME OBJECTIVE 

• ESTIMATED GROSS YIELD OF 6.0% 

•CAPITAL GROWTH PROSPECTS 

• FIXED PRICE OF 50pTO 22nd MAY 
•LAUNCH DISCOUNTS 
•ADVISERS GUINNESS MAHON 

(application form for cannon international currency bond trust 

I To: Cannon Fund Managers Limited, FREBW, 1 Olympic Way, Wembley, Middlesex HA9 HR 
1 Telephone: (P 800) 282621 UNKUNE or 01-902 S876 


CANNON FUND MANAGERS 

Cannon' Fund Managers Limited are 
part of the Cannon Lincoln Group, which is 
a whofiyowned subsidiary of the Lincoln 
National Corporation, a US-based, 
diversified financial services company with 
assets of over £ 10,000 million. 

SPECIAL LAUNCH DISCOUNTS— 
AVAILABLE UNTIL 
22NDMAY 1987 

For investments between £2,500 and 
£4,999 there will be a 1 % discount This is 
increased to 1 . 6 % on investments of 
£5,000 or more. 

YOUR INCOME PAYMENTS 

The Cannon International Currency 
Bond Trust is a distribution trust and income 
is distributed to unit holders on 3 1st May for 
the half year to 31st March, and on 30tn 
November for the half year to 30th 
September. The first distribution in May 
1988 will be for the period from launch to 
March 1938. 

ACT NOW— FROM £500 

Investments can be made from a 
minimum of £500. There is no upper limit 

To secure your interest in the trust 
please complete the form below and send 
off with your cheque made payable to 
Cannon Fund Managers Limited. 

Alternatively; consult your investment 
adviser or 'phone our Dealers on the free 
LinkUne number— 0800 282621 . 

It should be remembered that the price ot units and 
The inaame from them can go p own as well as up. 


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VIH WEEKEND FT 


Financial Times Saturday May 2 1987 


MOTORING - TRAVEL- 


Stuart Marshall argues 
that the faster and 
faster cars coming 
off production lines 
are both dangerous 
and unnecessary 


EACH YEAH, one of the thing s 
X look forward to is dipping 
into Porche's golden treasury of 
fast and sporting cars. To lire 
for a week with a 944 or 928 — 
and especially with one of the 
classic rearengined 911s — 
after a su cession of unadven- 
turous family hatchbacks is like 
opening a bottle of Dom. Perig- 
Don after a case of grocer's 
sparkling Spanish. 

’What is it about a Porsche 
that sets it apart from other 
cars? 

There is the meticulous way 
it is built the perfection of the 
control and instrument layout 
You know after a day in a 
Porsche that the people who 
design and build them actually 
drive them regularly for long 
distances. And there is the 
spare-no-expense attitude 

toward their components and 
equipment This is clearly 
related to their price, which 
now ranges from the merely 
costly (more than £19,000 for a 
power-st ei . ’ 924S) to a hard 
to believe -1,000 for a 911 
Turbo Sport 

In recent weeks 1 have driven 
about 1,000 miles (1,600 kms) 
in a 944S manual and an auto- 
matic 928 Series 4. 1 loved them. 
Outwardly, they seem to change 
little as the years go by — and 
the 928 is now 10 years old. AH 
the time, however, they are 
further refined, their price goes 
up and their power and per- 
formance are increased. For the 
first time, the extra performance 
potential is giving me a twinge 
of conscience. 

Both the four-cylinder 944S 
and the latest 928 have multi- 
valve engines. Four valves per 
cylinder let them breathe more 
freely and develop more power. 
The 944S now has 190 bhp 
against 163 bhp from the old 
engine. The 928’s five-litre V8 
puts out 320 bhp compared with 
the former 4.7-litre unit’s 310 
bhp. Its maximum torque 
(pulling power) has been vastly 
increased and is produced at 
much lower speed than before. 
The output of this enormously 
muscular en gine is un dimmed 
by the catalytic converter 
needed to clean up the exhaust 
in some countries though not 
yet in Britain. 

Porsche tells me that the 944S 
will do 142 mph (223 km/h) 

“ fitting neatly between the 
137 mph (220 km/h) 944LUX 
and the 152 mph (245 km/h) 
944 Turbo.” The 928 Series 4’s 



The 167 mphi (268 km/h) Porsche 928 Series 4 — bat does tills kind of 
performance potential mean anything now? 

Speed at any price 


maximum is said to be 167 mph 
(268 km/h), due in part to 
improved aerodynamics, com- 
pared with a mere 158 mph 
(254 km/h) for the previous 
4.7 litre engined model. 

But where in the world can 
one begin to exploit this kind 
of expensively won perform- 
ance? And who on earth is 
capable of driving so fast a car 
in safety? These questions 
increasingly trouble me but not; 
it would seem, the enthusiast 
motoring press. As the weeks 
and months go by some of these 
journals become farther out of 
touch with reality, exulting in 
the appearance of new products 
with unusable performance, 
often achieved at engine speeds 
one would use on the trade, not 
on the highway. 

The harsh and disagreeable 
fact is that nowhere In the 
civilised world except West Ger- 
many can one legitimately 
exceed 86 mph (140 km/h) on 
a public road. Even in Germany 
die authorities recommend a 
130 km/h (81 mph) maximum 
though it is widely honoured in 
the breach. 

Motorists who think that the 
French police look the other 
way when the 130 km/h auto- 
route limit is broken have 
increasingly found to their cost 
that they do not In fact yon 
are much more likely to he 
pinched for speeding on an 
autoroute than on a British 
motorway. 

Even Italy has just trebled 
its tariff of motoring fines. You 
can still get away with a quick 
blast on the autostrada* with 


care and some luck, but speed- 
ing in towns and villages has 
become very expensive indeed, 
and quite rightly bo in my 
opinion. 

So if yon have a very last 
car indeed like a Porsche, you 
take it to Germany and let it 
off the leash to see if It really 
will do what the makers say it 
will? Well, yes and no. Yes, 
you can drive at over 160 mph 
(257 km/h) on the autohamu 
without actually breaking the 
law— and I have done so more 
than once— but no, you cannot 
do so when yon feel like it. 
And what, I have to ask, is the 
point? 

Unless you rise at dawn and 
find a deserted stre tc h of auto- 
bahn, you will find that what 
seems to be a straight and 
traffic-free s tre t ch at, say 90 
mph (145 km/h) becomes 
crowded and surprisingly curvy 
at 140 mph (225 km/h) and 
over. The last time I drove a 
150 mph (241 km/h) BMW in 
Germany, the autobahn on 
which I had hoped to let it kick 
up its heels a bit was as clut- 
tered as the Southend arterial 
on Bank Holiday Monday. 

What really concerns me is 
that some the magazines seem 
to be living out a dangerous 
fantasy. Not Jong ago, one 1 
read boasted of its test team 
having changed up from second 
to third in a Ferrari on a loch- 
side road in Scotland at 90 
mph— yes, really. I see this as 
playing straight into the hands 
of the interests who would put 
a physical limit on the speed 
of all cars. 

This is easily done. In Japan, 


all cars must by law have a 
pinger that starts sounding at 
100 km/h (62 mph) which is 
the national motorway speed 
limit If you ignore the ping- 
ing and keep going, you find 
the engine’s fuel supply is cut 
off at a little over 100 mph (161 
km/h). 

I did not discover this on a 
Japanese motorway — the fine I 
would have risked would have 
been like Britain’s pre-war 
National Debt expressed in yen. 
I was driving on a private prov- 
ing ground. Could we have phy- 
sically speed-limited cars in 
Britain? Quite easily. The other 
day the Department of Trans- 
port announced draft regula- 
tions that will result in speed 
limiters being fitted to coaches 
to keep them down to a 70 mph 
TwaviTnum. And not before time. 

On the odd occasion when X 
find my speed has crept up to 
95 mph (153 km/h) on a quiet 
dry motorway I do not feel very 
wicked and I think an increase 
in our motorway limit to 81 
mph (ISO km/h) would be an 
overdue and sensible harmoni- 
sation with at least one EEC 
partner. 

But increasing the speed of 
already super-fast cars like the 
Porsches I have mentioned? 
And hotting up little hatchbacks 
so that you can buy a 130 mph 
<210 km/h) car for less than 
£10,000? I think It is simply 
asking for trouble and pla y in g 
into the hands of those who 
reckon that the only way to 
make roads safer is to slow 
things down and physically 
limit the speed of cats. 

X rest my case. 


Holidays and Travel 


Overseas 


THE BAHAMAS 
12 NIGHTS 

FROM 

£499 


Ask your Travel Agent. Or ring us on (0293) 776979 

9 CONTINENTAL AIRLINES TOURS 


flfflgwm iwiww l 
UNSUTUU 



' mum. 

If. KanaUu- London iKxnSTlS. 

• London* Canada -Hanotai- fig-Mw 
Bndaft * DoH - London Iron DBM. 
•London-HanoKaq-Pmr-sydnir- 
VH - li» Anflftw ■ London mm ON. 
•Up ■»«•* Off FW anq Buffnta Can. 


Haas. Tbomand Car and Cmparton Hka. 

AUSTRAVEL 

Owl FT-7PV»lnn»._8ni0M 


■20 Sava. Bow. LonOoci W1X 1AE. ■ 


Yugoslav Airlines 

*22/ Announces... 

New Flights to 
Calcutta & Peking 

From 3rd May 1 987 


For futher details contact 

our Main Agent: 

Skyford Travel Ltd 
2 Denman Street London W1 
|TeI:01 -439 8007/3521/2070/2242 


SelE Catering 


VILLA IN -nte ALGARVE Mr ap to 
16 Mica prints pool and saff I* now 

available riant enrougn tbs Muon 

including August — -o s ar ffafcaar.* 

Parker's Blus Book, ring toag M1> 
5411 lor your copy. ATOL Id*. 


Activity 


BARENTS. Ant your CWIiSsn bond dortng 
His Swnimr "on day? BracBom/Paisnc 

a ids Cano Beaumont. 0460 SOI 23. 
hour. 


UK Hotels 


CALAHONDA **** 

Harbrand Walk. Coodan 
Nr BaxMli, Suasw • TM; (MM MOB 
Luxurious surroundings in a high- 
clan natal with the advantages of 
baing pampered by personal atten- 
tion. wo accept a maximum of 
only 6 guasu. Apr-Oct. Backing 
directly on to beach. Excellent 
cuisine. Jacuzzi. Ad! golf count. 
Delightful position. Ideal touring. 


STAYING IN LONDON—' TWts a foamy 
awvlcs apartment In St. James's from 
only SBO lotos VAT) oer night fbr two. 
Every comfort. Exceptional value Ryder 
Street Chambers, 3 Ryder St. Dubs St. 
St J areas' s. London 5W1. 01-930 2241. 


CRAFT 8, CULTURAL 
TOURS IN CENTRAL 
AMERICA 

Weaving tour of Gtiatsmafk 
with visits to Spanish colonial 
Antigua and Mayan TTkal. 
Leader Carolina Karelake of 
the British Museum. 12 Nov- 
ember 1987. C1J19. 14 days. 

Cartagena and Panama 
crafts, culture and unspoilt 
Islands. Leader Rosie Baldwin, 
artist writer and glob* 
trotter. 19 November 1907. 
£2,493. 22 days. 

Detailed nineties from 
AST A 60340 


22 CHURCH SX TWICKENHAM 

01-892 

24 HR. 


U-6H7S51 

luraAm/rtK 



Company Notices 




(Incorporated under the laws of the Kingdom of Belgium) 
Notice b hereby given that the dividend for the financial year 
ended 31st December, 1986 will be payable from 5th May, 1987, 
net of Belgian withholding tax, against presentation of coupon 
No. 46, at BEF 236 to each of the 1331L500 old shires and 
BEF 251 .73 to each of the 2.687,500 shares with fiscal adva n tag es- - 
AFV I— as well as to each of the 2JZB5JX0 shares with fiscal 
advantages — AFV 2. 

Coupons should be lodged for payment at the current rate of 
exchange at the offices of Banque Beige Limited, 4, Blshopsgate, 
London E.C2. 

By virtue of the bilateral tax convention between the United 
Kingdom and Northern Ireland on the one hand, and Belgium on 
the other hand, withholding tax on dividends is limited to \S%. 
Shareholders residing in the United Kingdom and Northern Ireland 
are entitled accordingly either to reclaim tax paid in excess of 
15%. or by prior arrangement through their bankers to have the 
deduction of tax limited to 15%. 

In either case, arrangements should be made through the share- 
holders and bankers. 

The Board of Director! 


Christian Tyler roughs it in the steppes of Mongolia 

China beyond the Great Wall 


WHEN Marie Twain’s innocents 
abroad were offered a Turkish 
breakfast. they all cried 
" Pass ! ” That is the prudent 
traveller’s reaction also to a 
Mongolian lunch. 

But the serious tourist leaves 
prudence at home. Be travels 
in pursuit of a fantasy Whose 
realisation depends, among 
other things, on greedy eyes 
and an inquisitive stomach. 
Besides, if you get so far as to 
be offered a Mongolian lunch 
it is probably already too late 
to refuse it 

The innocent guest is ushered 
into a herdsman's yurt a small 
circular tent of sheepskin on 
the vast steppe, where he will 
sit cross-legged and contrive to 
look comfortable. 

The aperitif— the easy part — 
is a slug of grain spirit ritually 
presented in a silver cup hit a 
blue silk scarf. Next comes tea: 

a pint of warm greasy fluid in a 
bowl, to which has been added 
pony’s milk, ewe’s butter, two 
handfuls of raw millet and 
gobbets of camel curd. Sugar 
and Salt are optional, hot you 
must come up smiling . 

Having washed -this lot down 

with Chinese-brewed lager (a 
legacy of German occupation), 
take a steadying bite of bean- 
curd biscuit and watch help- 
lessly as the teabowi is filled 
again from the kettle. 

Now the main course arrives: 
an enamel basinful of dissected 
steep, from wfltioh chunks of 
meat and fat mmst he ripped 
vrtth the teeth <or with the 
scouttatfe provided. 

As a rare western visitor, 
yotar welcome as doled out on 
pints and (pounds, not drams and 
ounces. Deprecatory smiles and 
gestures ("No* I couldn't eat 
another thing. It’s deUdnoa, bat 
no, really ") are of no tvtiL 
Aim at the end of it all, bead 
splinting and stomach churning; 



the dutiful ufctWn must be ready 
to rise and sing « song of 


China is working hard on its 
tourist industry. It brings in a 
lot of hard currency (non- 
Chinese tourists are grossly 
overcharged everywhere) and is 
the only industry that is pollu- 
tion-free. Even Inner Mongolia, 
a huge and backward province. 
beyond the Wall, is 1 naming 
how to play to the westerner's 
romantic appetite for <tiie great 
open spaces of steppe and 
desert. 

From smoky Huhehot, capital 
of the so-called autonomous 
region, visitors can drive up 
into the Pa ging mountains, 
where mucW>rick remains of 
the original Great Wall of 
200BC are visible stflL On the 
greet plateau beyond, the gov- 
ernment has brntt several yurt 
encampments where you may 
spend the night. 

One of the largest os atWulan- 
tuger, the magxdficeht summer 
temple of the “ Living Buddha * 
of Huhehot, newly repainted but 



now emptied of its 200 lamas. 
Along the road 4s a feuced-ofl 
tourist camp of outsize tents, 

etch wish A glftwnlnfalifmlni nm 

toilet-yurt tacked on tire back. 

But sticklers for authenticity 
Will ignore thig Buffing of the 
steppe and apply 4o the local 
collective In a temple annexe : 
at runs a rival camp a little way 
out and wffi give you a rougher 
time of it for no extra charge. 
(Sanitary note : Mongolian lava- 
tories are brick oubliettes over 
permanent dungheaps. They, 
too, are collectives). . 

Outside the Yetiow Hirer 
valley, enough survives of 
Mongolian li fe tn provide a 
s timul a ti ng cultural contrast to 
the dab urbanisation and sub- 
sistence farming introduced by 
the Chinese. 

Many Mongols welcomed the 


Chinese Communists as libera- 
tors when they arrived at the 
end of their Long March. 
Mongols were placed in the 
highest ranks of Mao’s revolu- 
tionary cadres, Later, herds and 
land were taken from them and 
they were driven into miserable 
communes. During the Cultural 
Revolution, many were victim- 
ised and some vefce bounded on 
tortured to death. 

Today’s' policy of positive 
discrimination has restored 
much of the minority people’s 
way of life. Fortunately for 
the visitor, the finest monu- 
ments of Lamalsm — the 
Tibetan variant of Buddhism 
that absorbed the old pagan 
rites with the encouragement 
of the Ming emperors ■ — are 
being restored from the 
ravages eS the Cultural Revo- 
lution’s Bed Guards. 

The more remote rites, how- 
ever, escaped the vandals 
altogether, like the mysterious 
monastery in Tibetan style at 
the top of the WUdang (Wil- 
low Tree) valley 80 km north 
Of Baotou. 

A deten frescoed shrines, 
monastic • cl ass rooms end 
audience halls rise tn fete at 
tiers at the ttfley’s ehd, over- 
looked by chrinps of fttt&e ty 
pines. A few septuagenarian 
lamas patter about wriWSdhg 
the sacred chamber*; the Occa- 
sional herdsman comes down 
f rom th e slopes to spin the hag 
prayer drum. 

The road to Wudang leads 
backwards in time.. A metalled 
highway runs from the steel- 
making town of Bfiotou, a sort 
of Welwyn Garden City whose 
brave expansion was halted by 
fear of war with the Soviet 
Union in the late ■60s. The 
tarmac runs out at 1 desolate 


coalmining village in the moan- 
tains. and a rutted track heads 
np the river-bed, past still- 
inh&bfted cave dwellings, to a 
natural amphitheatre —and a 
scene taken straight from 
classical Chinese painting. 

Eight hours by tram further 
bp the desert-fringed river 
(“soft class” rail is the best 
way to travel in China) is the 
Moriem province of Nlngxia, 
opened to foreigners only three 
years ago. 

Nin&dks rtver^dfependrat 
economy makes it the Egypt of 
central Aria. And in the stony 
desert lust outside the plea- 
sant (end still unpolluted) 
capital of Ylnchuan can be seen 
the extraordinary hive-ahaped 
pyramid tombs of the Western 
Tim ( 0 r Tangut) emperors and 
their nobles. 

Mffli ohs of glazed tiles, green, 
brown and black, lie scattered 
in the desert just as they were 
left by the invading Mongols 
Who crushed the 200-year rule 
of foe Tahguts In 3227 AJD. 
There are nearly 80 of these 
palaces of the dead, dotted over 
an area at 40 square kilometres, 
undisturbed by visitors, rarely 

visited even by archaeologists, 
only the occasional roar of Jet- 
trainers from the nearby air- 
force bast interrupts the 
solitude of this archaic land- 
scape in China beyond the 
WalL . . 

• <*»— b eyo n d foe Wall 
can be visited through China 
btHMUNM Travel Service 
(CITS) (01-935 9427) With 
foe help of specialist travel 
ageades such as Voyages 
Tides Verne (61-4*8 Wti»). A 
20-day roll tour with Voyages 
Tales Yen* foam Moscow to 
Belting With three nights in 
Mtthghlks casts £1,775. 


Notice of Redemption to foe 
Holden of 
N0RD5KA 

INVITE RINGS BAN KEN 
usa25.000.000 

1} per cent Bonds due 1998 

Notice Is hereby given that, pur- 
suant to the terms and condition* 
of the Notes, the leeuer, Nordtakg 
invostartngsbflnkan. has altered to 
and Mil radMm on May 16, 1987 
all of the said bonds at a rodamp* 
tian price of 100 phr cent at their 
principal amount. 

On or after May 16. 1987 said 
Bonds will become due and pay- 
able In Such currency of the United 
States of America as at the time 
of payment ahalJ be legal tender 
lor the payments of publlo and 
private debts. The Nona will be 
paid upon presentation end sur- 
render thereof, with the May IB, 
1988 Coupons attached, at the 
option of the holder at any one of 
the specified offices of the paying 
agent* mentioned on the Bonds or 
at the specified office of the fiscal 
•gene Ben due Internationale a 
Luxembourg SA. Luxembourg. 
Payments other than In New York 
City will be mode by US dollar 
citeouo drawn on, or by transfer to 
a US doner account maintained by 
the payee with a bank in New Tone 
City' 


coupona due May 15, 1987. should 
bn detached and, on or after May 
16, 19S7, collected In the usual 


manner. 

From and after May 15. 1987. Intart 
eat on all as id bonds will cease to 
accrues 

Banque Internationale a 
Luxembourg SA 
on behalf of 
. Nordleka InveaUriagebanken 
Dated May 2na. 1987 


Wines of Wi 
-'for more wine 





Twelve value for money dry reds 
from H un gary rod Bul g a ria: 

MedK-renfcJmVSroliBWi 

£ZL20 


Mrriot 1981/83 -«cMfc Bafeotajfaai 

Hssktxo — . u C2L80 

1*81/83 

LASxM- £22.20 


Swwixnoc 1978/80 - SkWs'i 
atwoafc^Bd mgr, gate gbd of 

Sreerre fi^^aMS5T57i 

-mch avxAtr, Strs eonnii . — xm>. 
AiencwgradMavrod 1978/80 -Bulpni 
i'dwti to ft ym d* phamaji 

mate Si a taiAactef , 

Sa to Mo untain C*b« 

Mreto 1979-mere of tb Hager Hoiot 

ftreg.yi&a?- £31.18 

Eliot Koir 1979-gto mm 

Hmowire, VSta»_ £31.10 

SfCtc^Catontt&evtom 1961/82' 

Schiedel Ganna ISSl/az-lfcter 
• -Cton&aniai, ‘•fitefijdtflmarad 

hBjgCftlW- mshedrqf 

Md factors VATatiddcBnry (UK • 
WfatoJ) fat onto of 5 wMecMb 


‘CAR CONTRACT HIRE? EXCEEDING THE AGREED MILEAGE 

CARRIES AHEAVY PENALTY 5 ^ _ 

XJrdoestt? 

Wlncanton’s new excess mileage scheme means it doesn't! Ceil 01-993 7611 and ask for a brochure 

Wn canton Contracts lid, Wncantefa House 
333 Western Avenue. London W3 Of® 
Telephone: 01-933 7611 


WINGANTON CONTRACT HIRE 

A iiltie more -drive, a lot more sovfe 


Edwardian, elegant and civilised 


LONDON IS BY no means Short 
of small, secluded, luxury hotels 
catering to the expensive tastes 
of the well-heeled traveller. 
What elevates Dukes Hotel 
above most of itB rivals is the 
perfection of its setting fbr it 
is hidden away, like an 
Edwardian jewel, in foe elegant 
recesses of St James's. 

To find it yon enter St 
James's Place* halfway dp St 
James’s Street, and then beat 
left into a picturesque, flower- 
filled courtyard where gas 
lamps bum at night. 

In the 17th century this 
courtyard led to the house of 
foe lusty Lady Casttemalne 
(later Duchess of Cleveland), 
one of Charles ITs mistresses. 
As Samuel Pepys noted in his 
diary on March 13 1664: 44 Saw 
my Lord Castlemaine at St 
James’s. The willing cuckold 
was visiting his wife.** 

Modem St James’s is 
thoroughly decorous, but the 
vicinity is so steeped in history 
and amorous intrigue— in royal 
coinings and shenanigans — that 
if you listen very hatefully you 
can still faintly heat foe whis- 
pering of silk and foe patting 
of petticoats. . . 

The building that houses 
Dukes Hotel dates from 1895. 
and was used initially to pro- 



A TOUCH 
OF CLASS 

This week: Duke’S Hotel, 

St Janie s’^'Londen 

ride London chambers for sons 
of foe nobility. The hotel is 
owned privately and is meticu- 
lously well-managed by Richard 
Davis, a youthful individual 
who for foe past two years has 
supervised a neaoism pro- 
gramme of rebuilding and re- 
furbishinent 

The lobby Is now more 
sp&citms. Bedrooms have been 
enlarged — there are 55 in &0, 
including 39 suites. Marble 
bathrooms have . been added. 
The public rooms are intimate 


and atmospheric. And there is 
an excellent restaurant, Seating 
40, decorated with trompe Voeil 
panelling and specialising in 
fine fCngfinh food at| d well- 
chosen wines. The head chef is 
Tony Marshall, formerly of 
London’s Dorc hes ter and Savoy 
hotels, as well as the Palace, St 
Moritz, and Madrid's VSla 

Magna 

hi short. Sokes is tranquil 
and dritised *■— a splendid 
country house in the very heart 
of London. Half its guests are 
North American, a quarter 
British, and fob remainder 
mostly European, tike most of 
Europe’s best hotels it easily 
weathered last year's fall-off in 
visiting Americans. 

St James’s has been described 
as “London par excellenc e ,” 
which Is not overdoing SL 
Within w alking distance are 
Bond Street, Jermyn Street and 
Piccadilly; Sotheby’s, Christie's, 
and the cream of the galleries 
and art dealers, plus many 
theatres. 

But it is foe history of foe 
place that is most compelling. 
Your best guide here is Round 
About St James**, a A excellent 
booklet by Joan (Basheen, pub- 
lished by the British Tourist 
Authority, which tells the story 


CHESS 


WORLD CHAMPION Gary 
Kasparov hag finished first or 
equal first in e v er y individual 
tournament he has contested 
since late 1981. Hus i m pre ss i v e 
record looked in danger with 
one round to go last week at foe 
Swift International in Brussels. 

Kasparov, after an u nusually 
tame run of five draws in six 
games, stood half a point behind 
Ljubojevic of Yugoslavia. 

in the awi round Ka s p a ro v 
saved his reputation, but caused 
a pressroom debate. Ljubojevic, 
paired with foe formidable 
Karpov, drew quickly. 
Kasparov won in 81 moves for 
bis compatriot Tal’s only loss of 
the event. It was a straight- 
forward king’s side attack, and 
some tbouifot Tal’s defence 
notably weak. 

An-Soviet pairing in late 
rounds of major events can be 
suspect, but there are no pre- 
vious allegations about Kasparov 
and I thought foe game genuine. 


Final Brussels scores were 
Kasparov and Ljubojevic 8f out 
of ll, Karpov 7, Korchnoi and 
Tinunan flfc Tal 6, Larsen 6}, 
Terre and van aer wmi 3, 
WixuUrtS Si, Short 8. Meulders 1. 

Nigel Short's setback, discus- 
sed in last Week’s article, con- 
tinued wnffi foe pm and Ufa 
only win. was against the out- 
classed Meulders. Consolation 
for Short la that nobody has 
usurped his status as the main 
Western hope for the world 
title, although US champion, 
Yasser Seirawan. joint first at 
New York and first at Lugano, 
is rising steadily In the rank- 
ings. 

Overall in Brussels, Ljubo- 
jeric liras man of the 
The volatile Lubo did badly 
earlier In the year at Wijk and 
Reykjavik, where he finished 
far behind Short. But Brussels 
was his greatest success. 

Korchnoi accidentally toadied 
his king in a drawn endgame, 
leaving a knight en prise to 
Karpov’s pawn. Korchnoi at 
once swept foe pieces off foe 
board, angrily rebuked Karpov 
for not agreeing an earlier 
draw, and rushed out of foe 
room. Later he calmed down, 
signed foe sene sheet to 


acknowledge defeat, and ad- 
mitted he bad made a rimiinr 
flngerfehler once before. 

To offset this accident 
against his old rival, Korchnoi 
had the quickest win of foe 
tournament. When an opponent 
chooses a slow flank develop- 
ment an early probe with the 
KR3? can open up his king. 

Wfote: K taraen (Denmark). 
Black: V. Korchnoi (Switzer- 
land). 

Bril Opening (Brussels Swift 

1 v C Y y m 

1 P-QB4, N-KB3; 2 P-KN3, 

S&tiSB&SSP 4 

This is the tactical point of 

ttsnsr**""- 

JO-.SPlOT. Q«4j U &B2, 
I -QNB: 12 B-N2, B-K3* 18 
** » 

abated dreplte the exchange of 
18R«to K6 ' hil7K - RI '' i - B21 


of St James’s Palace and of foe 
area around it 

There are also foe parks, for 
St Jahtes’s is bordered on two 
sides by acres of grass that 
lave never been built on: St 
Jarners Park to foe south and 
Green Park to foe west, 
separated By The Mali. 

The Tyburn river once ran 
through Green Park’s woodland, 
but now flows underground. 
There are no flower beds here, 
or any other prettifying. In 
Act it was a favourite place for 
d uels. Today it is sombre and 
mysterious. There Is even 
reckoned t<» be a ghost, which 
rattles occasionally in Milk- 
Inaid’s Passage. Brawny police 
once staged a swoop, but could 
net arrest it 

• Dukes Hotel is in St 
James’s Place, London SWlA 
1NY. Telephone: 01491 4840. 
Telex: 28283. Gables: Dukea- 
hotel London. 

Bates per room per night 
are £U5-£125 single, £157 
doable/ twin, and £160 de 
hue double (four poster). 
Suites are from £210 per 
night. Penthouse, £500. Eng- 
lUb breakfast costs £8. 

Michael 

Thompson-Noel 


PROBLEM No. 669 
BLACK (1 «m*w) 

BUCK( Iffam)* 


*£L- 


«VHfTE(6iMn) 

WHITE (8 warn) 

n ? t€ r J ^ four moves 
51 "flaiuet any defence 

This simple. 
looking pufede baffled many 

kSSL championships. 

*? 8 *? tranta foiled 
foongh foe answer 
Ioota n0ltI 

Solution, page mr 

Leonard Barden 






















M;JV ^ 

' - % 


Financial Times Saturday May 2 1987 


WEEKEND FT IX 


• PROPERTY • 


Overseas Property 


CHESTERTONS 

!• k I III M l M' 


Wan Status to turn you green 


h\} 

i*.5 \ 


i i 

, * • » i j 




E-\.. 


— 5 




i -sir. vn* 

• . ■ j .■ 


FOLLOWING THE aonounee- 
meat of a Department of . Trade 
investigation into the House of 
Frasex stores ' takeover, it is 
now possible to reveal the one 
Harrods* story that all London 
homeowners really want to 
know. 

Where do those Knightb ridge 
vans go? - 

Being able 4o have a Harrods* 
van deliver one’s pot of pate has 
been a pre-condition for civi- 
lised living in the capital for 
generations. As the prime 
residential areas of London 
have been at risk of accidently 
straying into tin-vanned pans of 
town. 

The risks have been com- 
pounded by Harrods* own highly 
individualistic, not to say his- 
toric, view of central London.. 

An amiably vogue spokes- 
person at the store explains: 
"No one here is quite sore 
when the boundaries were fixed. 
Most of ahe management team 
have not been here long enough 
to have been involved in that.” 
Best bet, it seems, is that the 
vans’ territory was settled " 
around 20 years ago, but even a 
1060s map is not a certainty. 
The edges of Harrods* free 
daily deliveries may well pre- 
date the era of showroom-new 
*‘E” Type Jaguars, minis of all 
sorts, and £50,000 long-lease- 
holds in Belgravia. AH we do 
know is that the delivery 
rounds from. Knigbtsb ridge do, 

* lean slightly more to one side 


Around JElm will get you 
in the naming for the 
62-year crown lease on 
The Tower House at 
12 Park Village West, 
NW1, now being sold 
through Knight Frank & 
Rutley (01-824 8171). 
The house stands at the 
end of the “ country ” 
road that Nash decided 
to add to give a lighter 
touch to his formal, 
regimented homes 
directly facing the 
Regents Park. Three of 


r s five bedrooms 


eight-sided 


Italianate tower are at 
the front of the house 
and there is a 110-foot 
southeast facing garden 
at the back. 



than the other ...**. Con- 
sidered Analysis of this near 
deiphic remark suggests that it 
may describe the vans’ bias 
towards the West End. 

Given the social disgrace of 
finding oneself on the wrong 
side of the delivery frontier, 
■Harrods* internal schedule of 
delivery areas takes on a special 
significance. Without this dis- 
creet bihle of distributive status 
there is the ever present danger 
of being pointed out as some- 
one whose post code is of such 
poor standing that you have to 
wait a day or two to have your 
pate transported. Worse still, an 


patd i transported. Worse still, 
an injudicious home purchase 
could; make you someone who 
lives u ** out of radius ” and 
therefore has to pay for the 
delivmy of anything short of a 
major purchase. 

P rii m e Min ister Margaret 
Thatdher may not have had 
sight of the free delivery 
sdhednle when she settled on 
her retirement home in Dul- 
wich.! The area only rates a 
one day a week delivery ran. 
Mrs Thatcher's Chelsea house, 
like Buckingham Palace, Bel- 
gravia^ and Pimlico, does count 
as sufficiently central to justify 


its place on the daily van routes. 

To be sure of staying safely 
within the magic circle of the 
daily Inner area delivery circuit 
yo ure ally have to stick to the 
established areas of SW7, South 
Kensington; SW3 and SW10, 
Fulham/Chelsea; W8; and Ken- 
sington. 

Notting Hill, Wll, also ranks 
as a Harrods’ home from home, 
so too does Earls Court, SW5, 
and Olympia, W14. Bather sur- 
prisingly, a Hammersmith, W6 
address will get the pat6 round 
within the day as wen. 

Unfortunates who have 
choosen to settle in areas like 
Lambertfa and Stockweli, Batter- 
sea and Balham, share a basic 
once-a-week free service with 
such areas as Clapton, Hackney, 
Greenwich, and Penge. 

Dockland’s new residents have 
to wait until Tuesdays for their 
pate run. Hay they settled for 
Wimbledon, Barnes, Mortlake or 
Putney they would have been 
able to get Wednesday and 
Fdiday deliveries. 

At least these out-of-t owners 
are in a better social position 
that the residents of Thames- 
mead SE28; Plumpstead/ 
Shooters £011 SE.18; and Abbey 
Wood SE2; all of which get a 
thumbs down from the van men 
of Knightbridge. All those areas 
rank as "out of radius,” and 
must, one presumes, be 
inhabited by people accustomed 
to carrying their own pate. 

John Brennan 


■mms 

- 't; 


wmm 






l«l§f 
- - . . m:::a 





London Property 





241 Kensington High Street W8 


A sdectkm of luxury apartments in 
tins brand new buQdmg m the heart 
of Kensington. 

Communal landscaped roof garden 
24 houru n ttbcnaed porterage; Passen ge r 
fifty Video entrance in many apartments; 
Comprehensive fitted kitchens; Wall to 
ceffing fifing in bathroom; Double glazing; 
FuBy independent gas central heating and 
domestic hot water; Extensive fitted 
cupboards. 


NEW 125 YEAft LEASES 

1 BEDROOM FRQM £155,000 

2 BEDROOM FROM £255,000 
3BEDROOMFROM £310,000 

SOLE AGENTS 

CHESTERTONS 

UDENT tJt L — J “ / 

U6 Kfi »ing t oaHHhStreectotrfooWS7kW 
UacSBSSIOFu: 01-72*4432Ta«p»iooe: 01-8377244 


I 

I 

mm 

IB 


m-- ' 


2 BED APTTs 
LOVINGLY RESTORED 
WITH A WEALTH OF 

STUNNING FEATURES 

PRICES FROM FI 53.950 -£179.850 
APPLVBtJLEAGanS 


01-629 5101 






HIGHGATE 

BEAUTlflA. WELL POSITIONED 
1 BEDROOM fLAT 
with Kuciout living rown 
Luxury bathroom 
Wall «twL fcfofaan with brot*f»« 
bar. Gai Cflpwil H*»Ung 
E88.W0 

T8L* 01-388 2748 01-248 8118 (OOflt) 


Black heath SE3 

AM anWAKDIAN TWIN-GABLED 
MANOR HOUSE 

Beautifully ma tured. many original 
foaturao. detached with crncMt 
. driv*. 3 HHpii 0 wdi 

>, Ac ft GfWindm 

QUICK- SALE REQUIRED 
mioaoD 
TEL- 01-888 0448 


CITY BORDERS 

SPECTACULAR PENTHOUSE 

6 vER 1500 SQ FT 
WITH SUPERB VIEWS 
Hard to beat for iize, style 
[and sheer luxury 
2 beds, 23ft lounge with spiral 
to 2$t gallery, study, fined 
and applianced kitchen, sep. 
utility, luxury bathroom, sep. 

^ shower room 
Carpets, curtains, Fitted 
wardrobes etc. Gas CH 
Private balcony. Video entry 
phone. Lifts, underground 
parkiryj.. New Lease £250,000 
ASAP 

. CASCADES 

2-4 Wbatferry Road. London EW 
Tel: 01438 6421 
Op^n eeven days a week 


On the instructions of the 
Crown estate Commissioners 


REGENTS PARK, N.W.l. 

A totally unmodemrsed mews house 
situated on the south side of the 
park requiring com plats modemlse- 
U on with planning permission to 
provide 3 bedrooms, 2 bathrooms, 
raception room, kitchen and 
integral garage. 

Offers In excess of ET7&000 
for new 60-year Crown Loess 
Sore Agenu: 

Hampton & Sons 

6 Arlington Street; London SW1A JKB 

01-4938222 


SLOANE ST. 



Avenue Hoad 
St Johns Wood, NW8 
;72 year lease 


including extension and 
restoration by top 
\ builder 
ASHBY & HORNER 
Steven Kltton for details 
Eel 01-377 0266 



'BRAND NEW 
CONSTRUCTION, SW5 
OK ins Eads Court Hoad in Spear 
Mows -due one bedroom Flat on the 
first floor has bean built from saw, 
offering exceptionally bright and 
ipactouc accommodation in excel- 
lent condition. 

Bedroom, Bathroom, Reception 
Room. Kitchen. Ind, Oss CH. Roof 
Terms. Video Eninr Telephone. 

£87.500 

LEASE 125 YEARS 
CMsas .Office Tel: 01-589 1122 


KNICHTSBRIDGC. tlroondv famished Sat, 
2 De dm oma. 2 enhowm. kitchen, 
ractetloti room, midm sorter. 1 

minute rrom Harrods. Lease 56 rears. 
£270.030. TM. Between 8-10 am. 
01-850 2242. 

HAMPSTEAD HEATH. NWS In South Hill 
Park. 1 Bed era tat. 75 yrs lease, name 
or eled-a.terra.ES2.00Q. 01-704 8899 
wkomu. U1-9S0 4000 ext 7314 BuM- 
n«a. Quick sale. Np agents. 

313892. 


Rentals 


COMPANY LETS 
SHORT AND LONG 

NEAR MARBLE ARCH 
Fully Serviced Apartments 



Studio from £150 pw 

1 Bedroom from £250 pw 

2 Bedroom tram £350 pw 

3 Bedroom from £450 pw 

14 Bn Court. 11 Harrawby Street 

London W1 

Tel: 01-723 7077/258 3688 
Telex; 24141 DUKEAP - Fax: 728 B82B 


PORTUGAL 

A FINE COUNTRY ESTATE 
TO BE SOLD 


Strategically situated within one hour’s drive of 
both Lisbon and Se tubal is this well-husbanded 
estate which has great potential development in both 
the aricultural and leisure fields as Portugal 
approaches entry into the EEC. Of the 517 hectares 
(1,277 acres) about 200 hectares consist of wild 
and cultivated forest of eucalyptus, pine and cork 
trees while about 250 hectares of cleared land is 
largely planted to grain and fodder. An artificial lake 
of 12 hectares provides an excellent water supply. 
The owner's villa was built to an unusual design in 
1970 and covers over 500 sq m surrounding a lovely 
courtyard which leads to a walled swimming pool. 
Farm buildings include a manager’s house, sub- 
stantial barn, warehouse and offices. 

The sale is to be effected by the transfer of bearer 
share-certificates in a Panamanian Company at a 
price of US$1,800,000. 

Sole Selling Agents 



GEORGE KNIGHT 

Overseas 


PO Box 948, London NW3 5PY 
Tel: 01-435 2299 
Telex: 25480 EQUES G 



EXCLUSIVE CHALET FOR SALE TO FOREIGNERS 
Villars, Switzerland 

A magnificent private family Chalet with 5 acres of woodlands, 
dose to the centre of the resort 4 reception rooms, 6 bed- 
rooms, 5 bathrooms, 3 kitchens, jaccuzzi, bar, library etc. 
Heated outdoor swimming pool and superb south facing 
views. Staff accommodation. Very secluded location, easily 
accessible to village centre 

Price: SwFr 23. million ono 

Contact: 

HILARY SCOTT LTD 

422 Upper Richmond Road West London SW14 7JX 
Tel: (0243) 554319 
Telex: 927028 H SCOTT G 


COSTADELSOL 


JOIN THE SUN SET 


Supaib Investment of Resale Properly on tho Prestigious MkaBores Development 
Good Locations. Rdy Fumshed. Bakw List Prices 
• FINANCE FACILITIES • WEEKLY INSPECTION FLIGHTS • 

Fbrow Brochure on Hie abowe end Many More Devdoomenls Cal 


0273 - 29907/8 


iFTPiCAs-c;-: : .: v r.;-^ 

! - C-. - ' -■ Si-.- Ha*: Svs.*» S'.; '.cC» 


Country Property 




Marlow, Buckinghamshire 
An enchanting detached cottage 
within ■ walled garden in a quint 
and eeeluded location approximately 
1 milo from Marlow town 
Accommodation offers hail, fully 
fitted kitchen, cloakroom, playroom, 
study, dining room, sitting room, 3 
bedrooms. 2 bathrooms, doubts 
garage, oil central hosting. Beauti- 
ful and well sucked g arsons with 
a moat. 

Offen In Bn region of £275.000 
Freehold - Sol* Agents 

Eampton&Sons 

13 The Broadway, Beeconafleid 
Bucks Tel: (04M8) 77744 



Development 

Site 

For Sale 


LAR SOV*rfON~ON-TXI. WATER — An 

important GKWOid Villas* re-dcraiep- 
noas lit* cnrprit'.ns Farmoauie and 

iants to* conversion to hie cotBwea 
and a single plot rw a mw dwetllns. 
AuRian Trim Mi*. Details hwn 
Auetlmiaers— Tkyter A f'vttnw. Sttw- 
Sn-tM-Weid. TCJL fr 131 30303. Ref FT. 




A Grade 11 listed House, dating 
from the 16th century, has until 
now been used as offices 
K is eminently suitable for 
conversion to a gentleman’s 
house or into several residential 
units. Garden 
FREEHOLD FOR SALE 

Cornea: 

JAMES PICKTHOHN ON 
01.283 1131 


LEEDS— ISO year old village property. 
S recaption room*. S bed*. 2 baths, 
fa region of £130.000 plus barn ana 
cottage Mr redevelopment. Tel. week- 
days £ 0532 } 504063 . 


HOMES GUIDE 

Listing over 300 houses in 
colour in Berks, Bucks, Oxon, 
Wilts and Surrey. 

Sand tor your tree copy or 
telephone today. 

11/13 Queen Street, Maidenhead, 
SL6 IN A. Tel: 0628 74433 


IBSTONE, BUCKS— £250.000 OFFERS 
Situated In an o< outstanding 

natural beauty- 2 miles tram M£0 
Junction 5. An Individual Country 
House. Built In the 1950s. at Uio nead 
of a Valley, wltn Panoramic views 
ever Its own gardens and paddock, 
whicn tom about 2.3 acres, to farm 
and woodland BcyOntL Ample IPOce 
to emend sublet: to the usual 
planning conunts- 

For lull deoils, apply; 

5IMMON5 & LAWRENCE 
Tel: <049 161) 3123 


CUMBRIAN COTTAGE, architect con- 
vertod. full oas C.H. Comfort for 2 ~ 
sleeps 4 agile visitors. Offers on £2GK. 
View any timo Mav 2nd to 4th. Clark. 
Alston (0496) 81551. 

Chester, spacious semi Grade 11, Gar- 
dens. orchard, oumuiidingt. 3 beds, 
attic, many extras, fiiao.ooo CD244J 



INVESTMENT OPPORTUNITY 
APARTMENT BLOCK FOR SALE 
CHESTERTONS PRUDENTIAL 

Excellent Situation 1 km oast trf Torremolinos 
ovar looking the mb. The block is to be sold 
as a whole and comprises 
38 FULLY REN GATED FURNISHfcO APARTMENTS 
Current valuable rental contract with major UK 
herfidey company can bo token over at time et 
purchase. Freehold and proof of till* 
£650,000 

. ., 1 / iiJtoils available from: 
CHESTERTONS PRUDENTIAL 
InurAebonal Division 

118 Ken elng ton High Street. London W8 7RW 


INVEST IN SONESTA BEACH VILLAGE 
AND RELAX 

The only beach front apartments or townhouses on ihe 
prized Costa del Sol with it all: golf, tennis, marina and 
definite delivery this summer. Completion insurance protects 

your deposits, 

A project of Overseas Corporation 

Coral Gables, FI, USA 
Phone (01) 589 4567 or write to: 

Overseas Marketing, 169 Brampton Road, London SW3 1PY 


ITALIAN LAKES 
Nr Switzerland (Lugano) 

Englishman’s luxury appt. Vast (45ft> terrace with gdnu 
Hag views Lake Maggiore to Stress. 3 dble bedrms, ch. 
Garage. Fully furnished. £75,000. 

Tel: ODD) 010 39 332 573042 
or write Atkinson, Fenno Posta, Sessa 
(Ti) CH 69S1 Switzerland 


MENORCA COUNTRY CLUB 
PLAYAS DE FORNELLS 
The finest and most exclusive 
development of beautiful 
Studios, Apartments, Garden 
Villas and i mil vidua! Villas, 
set in lush gardens, overlooking 
the sea. in the Balearics. 
NEW PHASES STARTING NOW 
Pricss E22.000-E1 00,000+ 
Indoar/autdoor pools, country club, 
full sports fad Ml ib» 

Contact the developers: 

Bob Ml thaws Mon-Frl 
Tel: (0332) 243104/243168 fUK No.) 
for colour brochures and details of 
weekend Inspection visits in 
May/ June by scheduled airline 


PAPHOS; CYPRUS 

HOLIDAY HOMES — INVESTMENT 
Aphrodite. Goddess of Love, 
abounds on this island. New 
development with breathtaking 
views. Studios CC9.6VO. 
Maisonettes. Villas C £29.000 
Tel: (04862) 60229 
WOODHAM ESTATES LTD 
3 Guildford Road 
Woking. Surrey GU22 7PX 


COTE D’AZUR, directly from foreign 
owner. Wonderful, partly furnished villa 
In Miner Cannes. 280 se m. swimming 
pool. bar-D-a. satellite TV. orice with 
telex, all In marvellous condition. 
Breathtaking unique panoramic view 
over islands, sea and mountains. Price 
2 million Swiss francs. Hand lino In 
Switzerland. Phone France 93-3S.65.84. 



OVERSEAS PROPERTY ADVERTISING 
appears every Saturday 
Rate £25 per single column centimetre 
for further information call: 
CUVE BOOTH 
01-248 5284 


New Homes 


■OB RURBRIAR HOMES BOD 

Past Historic, Future Perfect 

at King George Square, Richmond 


Flats from £95.000 

Mews Cottages £207,000 

Iowa Houses , .from £272,000 
Lodge P ropert i es from £285,000 

Rhf details phone 01-440 0325 
Sales Centre 
open each day 
between 

. I£30sm4J(bn 



INTERNATIONAL 

TAXATION 


Hie Financ i a l Times proposes to publish a 
Survey on International Taxation on 
Jane 12 1987 

Among the subjects reviewed will be: 

INCOME TAX REFORM 
THE RISE OF VALUE ADDED TAX 
THE GROWTH OF INTERNATIONAL 
TAX CONSULTANCIES 

For more information about advertising in 
this Survey and a copy of the synopsis, 
contact: 

Claire Brooghton 
on 01-248 8000 extension 3234 

The content, size and publication dates of 
Surveys in the Financial Times are subject to 
change at the discretion of the Editor. 

































London Property 



John Brennan on fortunes to be made and lost on the futures market in uncompleted homes 


Property market gamble by amateurs 


“WHEN YOU hear of broom wal trade, and it has good 
cupboards being sold for reason to be aware that housing 
£30,000, and when you hear of is a political minefield. Over the 
people buying properties that past few years the group has 
don’t exist for £250,000, how can found its niche in renovating 
you say that it is not politically surplus, often derelict, public 
sensitive?” David Goldstone, sector properties and in 
managing director of Regal i an developing otherwise problem 
Properties, emphasises points urban sites, 
by speaking faker. He moves It is a big niche. If the group 
into verbal overdrive on one were to build-out all the 
aspect of the housing— the dan- schemes on its books at the 
gers of a political backlash on moment, they would fa avea total 
residential developers because market approaching £500m, and 
of the expanding ftitures market plenty of those developments 


in uncompleted homes. 


would find 


ready market 


WAXLLIS: 

selling fine properties in Belgravia, 
Knightsbridge,Kensington & Chelsea... 
for over one hunched years. 


WAJ 3 JJ 5 H* 

Eunb' Agents 4 Sorwyors Kjiibfoiicd 1868. 


As he says, in a number of among the speculators. But 
highly publicised Oats blocks Goldstone won't sell properties 
and developments the extent of years ahead of their completion, 
the purchases “ofT-plan” have Regalian recently started sell- 
made the schemes, "like the old ing the 171 fiats in the first 

story of the barrel of herrings; it 

was not for eating, it was for 

. _ _ . It is only a matter 

You can make a fortune in the . “ _ 

futures markets. You can just as Ot tim e before the 
easily lose your shirt trying to - _ - 

best-guess Likely changes in the lllCK OI the amatetlTS 
price of sugar or cocoa, curren- , , . 

cies or copper. But at least those Starts 10 1*1111 OUt 

established futures market' are — — 

well signposted as high risk 

speculations, where even the phase of its Free Trade Wharf 
professionals can go broke and scheme by the Thames at Wap- 
amateur traders have a low ping. There will be twice the 


survival rate. 


number of flats in the whole 


There are no such warning building when it is completed, 
signs on residential property and Goldstone reports that 480 
when it is treated as a form of people applied to buy a year ago 
financial future. There, because when details of the buildings 


South Street, Mayfair, W1 



Knight Frank 

&Rutiey 


A most imposing residence 
completely restored to create 
period elegance with every 
modern convenience including 
a passenger lift 

Ground & First Floor 
4 spacious reception rooms. 

Second Third & Fourth Floors. 
10 rooms. 4 bathrooms. 
Shower room. Family kitchen. 
Basement 

Main kitchen and extensive 
staff accomodation. 

59 Year Lease 


'PEARSONS LONDON 


nUMMOtJMim mDnUMMte 


the risks tend to be far less were announced. u We could 
evident than the rewards, the have released the fiats and sold 
professional dealers have them then, but we didn't. That 
begun to be elbowed out of the probably wiped out 400 ot those 
way by the amateurs. And it is applicants, but we like to sell to 
only a matter of time before the consumer market to people 
their luck runs out who will live there.” 

David Goldstone takes a Cynics could — and do — 
developer's view of the prob- suggest that refusing to pre-sell 
lem. “The futures market is a may have less to do with Reea- 
very dangerous market I don't lian's fine-tuned sense of social 
mind people speculating. I'm responsibility than with the fact 
not concerned about those who that by locking-out advanced 
take a chance, that's up to them, purchasers. Regalian— which 

I'm concerned about the ripple can afford to do without the 


effect” early cashflow from deposits— 

It is not the trading, but the keeps any increase in the mar- 
product being traded that raises bet value of the flats between 
the problems: “we're talking the announcement of the 
here about homes, and thafs scheme and the start of its sell- 
very different ... it is highly ing programme. It is a valid 


extra costs oat of his profit mar- 
gin, or if he’s going to skimp on 
the building work. 

Having already sold a con- 
cept, a set of plans and artists' 
impressions, as well as a loca- 
tion and a mock-up show flat, a 
developer in that situation 
doesn't really have too much 
incentive to beggar himself if 
the construction stage proves to 
be more expensive than 
expected. 

A general awareness of risk 
hasn't emptied the trading- 
floors or blanked-out the dealer 
screens of the other futures 
markets. And short of political 
moves to stop pre-sales to 
buyers who have no intention of 
living in the property, there is 
no reason to- assume that 
residential trading will be an 
overnight fashion that dies out 
if one or two developments do 
fail to generate resale profits. 
That said. David Goldstone 
throws a timely bucket of cold 
logic over the Idea that putting 
down deposits on one or more 
flats in a development well in 
advance of their completion 
guarantees taking an option on 
rising values. 

There is no doubt that there 
were a number of professional 
traders among the people who 
queued to put down their money 
on the first day of sales of Kent- 
ish Homes’ planned “ Cas- 
cades ” apartment block on the 
Isle of Dogs. All but two fiats in 
the 140-flat first phase of that 
scheme sold ont within days of 
the start of its pre-sale prog- 
ramme. The final 20 fiats in the 
block are released tomorrow yet 
it will be another 18 months 
before anyone can move into the 
building. It has been the same at 
the P & O-Bovis’ Chelsea Har- 
bour scheme, where 150 ot the 
fiats now have named buyers, 
and where there has been an 
open resale market in the prop- 


fiats that will not be ready nn *’* from inherited homes, and you 
1889 . have the basis of the argument 

Where are the risks, given that : in. support of house price rises, 
housing values have con- i Behind all the pluses and 
sistently outperformed all but minuses for house prices 
the most exotic alternative .nationally lies the familiar 
investments since the late 'mechanism of the owner-occu- 
1940's? Vied market that ensures a cut- 

Oae that David Goldstone L °ff of supply if prices staxtto 
points to is the standard of the waver or talL The current £30- 
completed property. If it doesn't *35bn a year turnover if house 
turn out to be as good as the and flat sales and purchases 
artists' impressions, the com- .could be cut back overnight by 


pleted market values may not the withdrawal of properries for 
oiippnrt th» kiiiH* tracing pn»- sale. Only those sellers who 
Tni-nms that advanced buyers have to make a move are forced 
need to achieve to cover their to trade into a fo i li ng market. 


financing costs. 

The initial pricing is self- 


the rest can stay put 
The investment market, on the 


evidently critical. If you can buy other hand, is made up of a mix 
a 1988-89-90 property at 1987 of temporary owners who— just 


prices, all well and good. But if — 

the prices already incorporate a - , , «■ 

fair amount of the likely uplift . . IVlOSt Ot ttl6 

in values it is the developer, not : » ■ 

the would-be flat trader, who is people DUyillg 

Properties sold off-plan SCVCDrfiglirC 

rarely include details of the (mm pc are Rrftfch 
eventual service charges, rates. ' DQuieS are UTTOSU 
and other running costs, ■ — — — 

Then there Is the big gamble— 35 the cocoa traders in the final 
whether the bull market in analysis rely upon chocolate 
residential property will con- manufacturers, and the copper 
tinue to keep prices moving dealers rely on the wye ma * : ” 
ahead at the heady pace we’ve ers— depend upon i solid owner- 
seen tn recent years. This is . occupied demand for successful 
more of a gamble than it might ; . 

seem because investment trad- _ or houses tiiat have been 
ing properties cannot rely upon bought for rent offer income to 
the safety net that acts as a bar 2 cover financing costs, but the 
to any sudden drop in prices in 1 real investment profits are 


the owner-occupied market generated by a combination of 
„ .. . . _ . , rental return and capital 

JTnie fh ; nn N\ appreciation. Without a sale, or 
'hole there are the occasional < _*;n _ oHec 


political." Recalling the early 
1970’s, with their cartoon cast of 
villainous, cigar smoking prop- 
erty developers. Goldstone is 


S oint as far as it goes, but it 
oesnt detract from Gold- 
stone’s wider argument about 
the hidden risks of buying prop- 


concerned that private sector erty sight-unseen, 
developments could be discre- In his experience it doesn't 
dited once more. "We could all really matter how big or small 
be prejudiced, all disadvan- the development there are 


taged by it 


always unexpected construction 


All this would sound paranoic snags. Renovation jobs are far 
to a housebuilder whose busi- more likely to have cost-over- 
ness involves putting estates runs than new building work. If 
into green-field sites, or in-fill- anything does go wrong after 
ing suburban gardens with mid- pre-selling a development the 
die executives* coach-lamp early buyers have a couple of 
“mews." But Regalian is in the years to wonder whether the 
front line of the inner city rene- developer is going to take the 


Property futures are 
highly political, 
with memories of 
the early 1970s 


ertie5 for the past year even 
though the first residents will 
not move in until May. The same 
applies to the advanced purch- 
ase of 352 of the 400 fiats in the 
Land Investors'-Berkley House 
“ PointWest" renovation of the 
old British Airways terminal on 
the Cromwell Road. 

Those PointWest deals on 
their own represents forward 
commitments of at least £70m on 


2K i value of the property, the fovest- 
equation just doesn't stack 

drowned out by the chorus* of; ne€d to & even 

1 £?#£!! I clearer In 016 Of advanced 
purchases of an uncompleted 
supply of quality housing, oronertv 

fhifl smith 5 ’ and I fewer than 16 of flats * 

; °/P?P^ at £ n ■EfijSI another bought five at one go, 
the increase in pur c hasing; nnr | ns in a number of 

power of a growing number of; other similar cases, any qnee- 
second-generation home-own- tion of the flatshaving been 


1 Empty Hesters,” trading up 1 


: to house an extended 
is patently absurd. Those 


in quality and down in house-; fiats, like the steadily turned- 
size after the children have over rental investments and 
grown up, are expected to bring j hundreds of other off-plan 
more middle-aged double purchases across London, are 
income households into the| being held for resale on the 
market That is also the basis for assumption of a rising market, 
the forecasts of a fortheri Come a dip in that market, or 
increase in the divorce rate, and fears of an imminent fall in 


a consequent extra demand foi 
separate households. Run al 
these factors alongside tin 
increased purchasing-power o 
younger buyers coming into thi 
housing market with cash raiser 


prices, and those properties 
wouldn’t be withdrawn from the 
market There would be a race 
to sell 

That is why rental specialists 
like Phillips Kay & Lewis make 


a point of advising their clients 
against buying Large numbers of 
fiats in a single block. They 
don't want them to be caught in 
the rash if the market signals a 
switch from “buy” to “sell-" 

Professional property traders 
pre-date bricks and mortar. 
They can. take care of them- 
selves, or do at least appreciate 
that even the best markets can 
be fickle. The people at risk are 
those who have mistaken pure 
investment trading, whether in 
the ftitures market or in the 
growing stock of fiats and 
houses for rent, as no riskier 
than accumulating paper profits 
on their own home. 

As a basic investment in 
accommodation, first time 
buyers have been borrowing to 
the hilt to get a toe-hold in the 
housing market since mortgages 
became generally available in 
the 1960’s. Once into the main- 
stream of the market, moves 
have tended to mirror changing 
family needs more than the 
owners' trading instincts. But in 
recent years that has been chan- 
ging. 

Country house agents who 
used to nave to wait a couple of 
generations to get a sale board 
on a house again once they’d 
sold it, find that there is an ever 
faster turnover of homes as the 
owner of a Victorian villa swops 
it for a Georgian rectory, then 
trades that in for a bigger loan 
and a mini-mansion, and con- 
tinues the process on up the 
scale for years. Some of these 
upwardly mobile owners work 
their way up towards a listed 
Queen Anne house on a foil 
scale country estate before 
cashing-in the lot and 
disappearing to Jersey. 

According to Andrew Langton 
of the King's Road agency, 
Aylesfords, investment also pro- 
vides much of the impetus 
behind the increased turnover 
of owner-occupied housing at 
the top end of the town bouse 
market 

He has 20 to 30 properties on 
his books at the moment that 
would cost you over £lm to buy, 
and in the single-million price 
range he finds that most buyers 
are now British people who can 
afford seven-figure homes 
because like their country 
cousins, they have purposefully 
traded their way up-market, 
buying the best property they 
can afford each time^md selling 
and moving every couple of 
years. Above the million and a 
half level, the market does 
become more international, but 
the domestic, million-plus home 
buyer is no longer a rarity. 
Neither, it seems, is the semi- 
professional owner-investor. 


■II - Mi« 

iBi Wits mu 

■II M3&-IIIII 

isr^&iiisi 


• | ~ .f T IN I 1114 


■nisi? iiiii 

■h nan 


T r ntr Announce the completion of their 
Ll I I magnificent development in Culford 
ifrATF Gardens. Chelsea. Only moments from 
VJfxi i— ' Sloane Square behind the elegant 
E 5 p l c " E 5 ^ Ueen Anne faqade of Tennyson 
House, these newly constructed Luxury 
Apartments all carry a JO year NHBC Guarantee arid 
have been finished to the highest standard. 

33 UNITS SOLD. FINAL 9 AVAILABLE. 

Units from £139,000 to £495,000 
Show Fiats by Joanna Wood 

OPEN TODAY AND EVERY DAY 
Telephone 01 225 2603 

BEAUCHAMP ESTATES 

1 Cadogan Street, SW3. 01 225 01 1 I : Sole Agents 


III 

III 

HI 

iil 

III 

III 

III 

III 






3T 




BEL 



"1 


lljpll 

■111 

iliSH, 

IH v!v0|| 

\lm 


QUAKE 



•'•’"Ph-’T; 

.... . 

»■* — «s.j . 


40 Belgrave Square & 

40 Montrose Place 

An Exceptional Period 

Property 

Retaining some outstanding original 
architectural features, this unique 
property is i ndispuicdl y one of the finest 
residences in London although equally 
suited to diplomatic or institutional use. 
Substantial offers invited for 
the Leasehold. 

SOLE SELLING AGENTS 
BEAUCHAMP ESTATES 
01-225 0111 & 01-499 7722. 


BEAUCHAMP 

ESTATES 


Estate Agents and Valuers 


clanricarde 

GARDENS 

NORTH KENSIlSlGT ON 

♦ 12 Luxury 1, 2, 3 Bedroom Apartments 

& Studios j 

♦ Finished to High Specification with 

Full Gas C/H j 

♦ Low Service Charges j 

♦ New 125 Year Leases with 
Low Ground Rents 

Prices from £79,000 for Studio 
to £199,000 for 3-Bedroomed 
Apartments 

Sales Office & Show Flats: 

1st Floor, 13/15 Clanricatde Gardens, London \V2 W f 1 

Tel: 01-229 9373 M ^ 




LLOYDS 




I7RILNO& 

p\LCKi: 


SOUTH TEBRACE, SWT 

An «lc*»nt aad parUcalartj ipariom period bouae situated In this 
most papular street In lie bean ot the Tburtov Bauie. The boose 
hM excellent, family secoounodallon sad bos been well mod* relied. 
Drawing Boom. Dlninc Roan. Suds. 4 Bedroom*. 2 Bathrooms. 
Shower Room. Lnw Kilcben/Breskfasl Room. Laundry Room. 
Cloakroom. Jr Garden. Arrau to Square Gardena. 

LEASE: 40 years £540.000 
Chelsea Office 01-581 3022 
EATON SQUARE, SWl 

Impeccably presented second floor flat with southerly aspect in Urn 
prime location. Ideal tor London pted-o-terrr with excellent lettinfi 
potential 

Reception Room. Dining Halt. Kllehen/BreakCmt Roan. Doable 
Bedroom and Bathroom en-mte. Cloakroom. UIL Porterage. Cen- 
tral H satin* 

LEASE: GS years £340,000 
Belgravia Office 91-730 0054 
SEYMOUR WALK. SW10 

A delixhtrul mid well auleraiaed period boose la tills most attrae- 
the nlih-Mf just off Fulham Road. The boras benetlu from a 
dellehlftil garden and an open aspect. 

Drawing Room. Dining Room. Kltcben. Study Area, s Bedrooms. Z 
Bathrooms. Cloakroom, ar Garden. 

FREEHOLD: £385,000 
Chelsea Office 01-581 3022 


CHESTER SQUARE, SWl 

UeUcnlMuIy refurbished family bouse In one of London', On ext 
residential *qnoro .JtoaOy ten Immediate ocenpatten. Pidnt sooth 
It U particularly light and comprise*: 

5 * BefeptJoB Rooms plus Stody. Exceptio- 

nal Kilchea/Breakfm Room. Patio and 2 Roof Terrace*. 
LEASE: S3 years £895,090 
Belgravia Office 01-738 0054 

ELYSTAN PLACE. SW3 

Attractive BOsOucmonl period house with two loath ish.. ter- 
races. Conveniently situated adjacent to the deUehtiU Chelsea 
Green. 

L^hapml Drawl ne Roam. 2 Bedrooms, 2 Bathrooms f J an utileg 
Dlnlna Room. Stody/Bedrnom 1 Krtcbcn. 2 RoaTTexiwces, Balcony. 

FREEHOLD; £335,000 
Chelsea Office 01-581 3023 

BELGRAYTA. SWl 

Really exceptional bouse, well appointed and ready for Immediate 
occupatiuL A particular feature U the dcllshtltal outlook flrom the 
rear Of tbe honsa, earn and Wtm over the delightful ornamental 
Gardens behind Eauw Square. 

3 Bedroom*. 2 BHbnwoH. 2 Reception Roam*. Kitchen. Cloakroom, 
r. Tsii*<c- Central Hcstint. Pirn space fbr eonttrne 

tion of a further Bedroom L Bathroom. 

LEASE.- 2SMt yean £340.000 
Belgravia Office 01-T30 0054 


7/tfe 


Beveriv House, Regent's Park, NWS. 
For more information contact 


<?. Arlington Street. London SWl A I RB. 
Tdejc2434l Fax:01-491 3541. 


01-493 8222 




Bcv«iy House it Ucsif>ncd 
fo tale every advantage oflhe 
superb location and panoramir 
views over Regent \ Park. 
Inwardly spacious impressiw 
and very secure. MaRtuficcni 
reception hall, landscaping, 

24 hrair porterage and garaging. 

APARTMENTS 

Immai-uLncU- tinishevi, rrwinlv 
whh2. 3or4hvdroomsund2or 
more hathmoms. The reception 
rooms are ideal lor entenaininq. 
many estending to ha Iconics 
with clnririw views. 

999 year leases for safe. 
030.000 to £775.000. 

P£N7TfOl/S£S 

hhodrooms, 6 bathrooms. 55h 
mreption rooms, balconies, 
rcrraies and roof isutlnis. 

999 year leases for sale. 

Pfircs on application. 


Chemical Bank 

Home Loans 


The Best Mortgages 
fbr the Best Properties 

* higher-value London property 
is consistently competitive rates 
Phone Berne Lewis- Ran well on 01-380 5186 


QSbiigis 


. ^ Sl— aa Street, SWl 

A luxurtoua and rwwty rehubtshed 5th floor flat, wen situated for all 




roSi^ ; c w SUfm: ENTRANC£ uftT 

I n—nhn l dr 41. yware ' 1385,000 

, „ ..... W Ni lte a Hn —1 . flamt Btrewt. 9W1 

fln auactlw and spocfcxn 2nU floor flat In need or some moderrdsattm. in mia 
DoptWrnai^on Mock in Bw heart of KnlflMsbridga. 3 BEDROOMS: DOUBLE 

S???5^ ^-g fnwllCE ***** P” W COWSTAWT HW KWT^OE: 

HM IJIU. Qim og 




"H 


0 

itiwA.ro 

lor 

PROPERTY 

ill 

SWl 

iVLoi-im jiTTio 


. ukumi bridge 

0 GrIde".! ELEGANT 
nJd?J^ p 3 sto rey house 

iTwesstonsUy amtrttd met efflchwt U 








RBmiNSTOIL Quiet 

















Country Property 


STRUTT & 
PARKER 


13 HILL STREET BERKELEY SQUARE 
LONDON W1X SDL 

01-629 7282 


COUNTRY PROPERTIES Magazine. 

Manypeople find the bouse they are looking for in Country Properties. The 
spring issue is out now and contains up to 200 properties in full colour, including 
cottagegj w us e sjanns and estates qwrantly fnr sale through nnr r ational 
network of offices.The magazine also contains regional comments and 
features.To obtain your free copy of Country Properties tdephone 01^629 7282 




^E] BKNT-GOUDHURSr 

Royal Tunbridge WdU 10 ndes (Charing 
Cross 40 mfaunes} 

r i A ta ndwtkww theedgaef the ig> 
ovgrioakM g Itt Wtald-3 reception rooms. 
biUi«d roocn.7 bcdroomO bcttaopm*. 

jiooUaigc pondjanfens and grounds. 

Abort 4 mcnm Region £3SMW 
Canreibniy Offkt2 St Margarets Siroa 
mtOZZT) 451123. (Re£8BC2767) 


KENT-YAUXNG . 

MUdstooc 7 mfles.ltafaridp WieQs 10 nmfes 
M20 9 (Charing Crocs 54 minotcs) 

A aupotriy atonted nmited Georgian house 
with hone farm. 5 reception roams, 

8 bwhooms.4 b rta o maMBt f flupniod 

h nw awl williiiilHiitpi iwuiwl 
prie^hnd mns court. Quality arable land • 
and fern buikfingiJTshing bgbts on die over 
BodLAbo* 251 mrm a whole or ia 6 km 

rs mmh nry nffirr-7 Sr IfafptfK Snmt 

TeU0227) 451123 (Re£ 8BD 2755) 

NORTH WALES 

Caenaribn 6 mflcaA fine Carotrea nanor 
tame rimM ta abort SB am of partted 

with [■»■"-'"£ poinWmi for iiUmi lot, 
wadSfeasdltinKC parfcj’rmdpal bo ose . * 
mmwaM/ta wktg room.4 bctfccoms.barb- 
roomA bedroomed coach hocs e ja dfe y home. 
waDed ftntaunoMjdver Erocagg- 
Abort SO acres 

Cfceaor Office 19 Grocvenor Sttcet- 
TcL(Q244) 310274 (ReCUBB 1385) 



SURREY-MOLE VALLEY 

1 uiim ii M il 2 milesJxniianfWaiExfeo and 
Victoria) 40 mi rams An attractive home in 
imiibf slUr Inndinn ~riib ilrmi nrmnr 
wooded bnrtand. HaHJ reception rood*. 

2 Iffi rtr w u cd ft” overjbadscaped gndm 
About 1 jacres. 

London OfficeTeLOl 629 72S2 

(Ref. 1 AG 9616) 


WILTSHIRE 
StSsbay City Came. 

A superbly proportioned Grade Bt* Lifted 
WSSam and Mary House h the old part 
of tbedty. 

in wi w i i hall/wirt ceOarrtbrtdve waOed 
tnden. 

Safiibtny 0ffiCK41 XGlford Sneer. 
TeL(0722) 28741 (Rc£7AB 387) 


WEST YORKSHIRE 
TlWy 4 mib^Taiwte 12 tYnW A n Outstanding 
ambry borne aet fat a peaceful position with 
news ow unspoiled oowrtrysideA reception 
iww a i w i nvww t brhooa(4 
twtwCTwrnit n w ital hwHwij ^njoyK g w ri ra ra. 
grotmdi and paddocfcjo n g ti w a fr o nta ge. 
Abort 6 acres Region £225,000 
Harrogate Office:13 ftmeesSqnaze 
Td_(0423) 61274 (RefJ0AB9Z3) 


Lowther Scott-Harden 



THE KIRKOSWALD ESTATE. CUMBRIA 


1600 ACRES 


ibf 


SUPERBLY SnUATED IN THE BEAUTIFUL EDEN VALLEY 
A FINE SPORTING. AGRICULTURAL AbO WOODLAND ESTATE 

ONE OF THE FINEST LOW GROUND PHEASANT SHOOTS IN THE NORTH OF ENGLAND 
-2,Wa«n(|WPAwbw0AMOjM^ M*J7«nih»-tart »•»»** R 


The Estate Office, Lowther, Penrith, Cumbria, CA10 2HG. 
Telephone: Hackthorpe (093 12) 392L Tehac 64481 LOSHAP G. 


operty SanMneot Jre* 
rtree 


GeMMl Street, Bary St 
2S22A8940. 


Humberts Residential 



Somerset 


Baft 12 mBas. Bristol 20 r 
BnganMBtfi Century! 

Fteeaptoi hafl. 4 recaption rooms, 6/7 bedrooms, 4 bathrooms, 
cloakroom, 2 Utchens. 

08 canM healing. Gera^ng. Gordon and grounds oi about 7% acres. 

Fiwr Srt* Freehold in the region of £450.000 
Drtate: London Oflce, Tel: 01-629 6700 and 

Chipponhani Office, Tet (0249) G5S6S1 (0U89337/JHB) 

Worcestershire 

Tewfwabun> 8 mtos, Evesham 1 1 odaa. IB (function B) Z infos. 

An amartMnai raalrlintlil aaMa wMia tui range of abut rtUnga 
7heHou»w^M^pitto 'Sgj%n and grounds wffibracBpaofi rooms and6 bo*opras. 


nw^irtj«*Knrg» loaaa nows, bams and Moor managa. 

For aala by Private Tnrty aa a wtwlt or in 3 kda 
DMate: Barnard Thorp* & PanaaraLoodoaOMcaTah oi -4S963S3 

•nd WoroMtar Offiea Tat (0B0S) 28MG 
Huntrarta London OMca Tal: 01-020 0700 
and CMbanhaa OMea Tab ffBCQ SI 3439 

Hampshire 

Hambtodon r 

Anabnurtvanunlry raaldanoa ol 1M Gmtuiy origins in a aadudad rural Batting 


3 reception rooms, 4 bedrooms. 2 baftrooms, cfoafcroom, UUwnAreaUastiooni 
Ol central h n jna 

Stiff ■xomnodukm. garbing, outadetngs and stabBns. 

Gwdm. BPnatnds and paddock. 

hi tha rspon ol E2S5JM0 Frasbold rttb about 1 A icma 
JoH Agems: Clbtt 4 Wan. PatartSeU Tat (0730) 62S31 

and HanbartrPWBraBaUONoaTcL- BJ730) 6S41S (ZKtsucoow) 




Jackson-Stops 
& Staff 


National Agents 
with 

regional knowledge 


“Hotelsand Leisure 


By Order of the Execut or 

Substantial Country House Hotel 
Moor Hall, Ninfield, near Battle, Sussex 

(Siozable ftjr alternative use subject to consents.) 

For sale Freehold 

By auction on 20th May 1987 

33 bedrooms (15 en-«niic), kwoge, cocknril bar, ballroom, restaurant, 
library, swimming pool, 2 cottages, 4.5 acres approximately. 
Presently dosed bar partly famished. 

AnctkMKen: Jacfcsoo-Stoes & Staff, 14 Comm Street, London W1Y 7FH 
Tdcphone; 01-4996291. Tetac 25375. Fax No: 81-4932936. 




r--iW r.j. rj-j- r.r- 

^ 


West Susse:.; I 

Pitiboroizgh • 

A fine Country House with spectacular views to both North and i 
South Downs. . . • 

2 Reception Rooms. Cloakroom, Kitchen/Breakfast Room, Utility : 
Room. 4 main Bedrooms, 2 Bathrooms, 3 further Bedrooms and ' 
Bathroom. 

2 self-contained Flats. Cottage Wing. 

Oil Fired Central Heaung. ! 

Barn and Farmbuildings. 

Gardens. Arable Pasture 3nd Woodland. 

In all about 102 Acres 

jy.Ti -.so?.:s __ ^ _ | 

Guitcss, Mayiai? O.Tct T;‘: ? '.->?? 4E55 or Arunt’e! GHTa: To-: : 

f(ir»v3) end SvT.crfis, c: ?ov-eli DcrchtSicr OT-ci- ; 

it- i03o) o41’ 7 2. ; 

127 Momu Sum. Miyfau. Lon Jon W|Y SHA. Telephone 0N« 41SS J 

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BROOKS 


Gloucester House, 
Beaumont Street, 
Oxford OX1 2LT 



CENTRAL WOODSTOCK OXFORDSHIRE 

A CLASSIC PERIOD RESIDENCE OF 
EXCEPTIONAL PROPORTIONS 
NEAR BLENHEIM PALACE 

SUBSTANTIAL AND ELEGANT ACCOMMODATION OFFERING 9 BEDROOMS, 3 
RECEPTION ROOMS, 4 BATHROOMS, DOUBLE GARAGE, WINE CELLARS, 
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COMMERCIAL USES. SUBJECT TO CONSENT. 

GUIDE PRICE— £375,000 

TELEPHONE BROOKS OF OXFORD (0865) 244535 


BUCKINGHAMSHIRE, FARNHAM COMMON 

New development of superbly fitted, liadHianally built homes in quiet woodland setting. 
4 receps, kHMast, utility, 5 beds, 3 baths, 2/3 garages. Gas CH. In plots of >2 to 1 acre. 
For immediate occupation. 

Prices from £295,000 Freehold 
PRUDENTIAL PROPERTY SERVICES 
Farnham Common (02814) 2266 
Beacansfield (04946) 5555 


London Property 




A development by Rosehaugh Copartnership Developments Limited <i» 

A major new project on the Smiths Charity Kensington Estate 

EVELYN GARDENS, LONDON SW7 

21 Luxury Apartments built to the highest specification, 
and overlooking private gardens. 

= FOR SALE ON LEASES OF 70 YEARS 



Studios £97,500 2 Bed flats from £250,000 

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SHOW FLATS & SALES OFFICE OPEN DAIU’ 11am -7 pm, 13 EVELYN GARDENS 

TbI: 01-373 6610 

faint selling agents 


. .It . 


WA.ELLIS 


01-5891122 Telex 23620 

117/119 Fulham Road. London SW3 6RL Telex 23661 WAE 


174 Brampton Road, London SW3 1HP 

01-581 7054 

Fax 01-589 3536 


ATTENTION FRUSTRATED 
HOME SEARCHERS 

Operating throughout 
Central and South London, 
Homesearch is a fast and 
cost effective service 
which specialises in the art 
of finding ideal homes for 
people too busy or simply 
unable to look for 
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Call 01-228 9954 now 
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to find out how we can help 
you and full details of our 
sen/ice 


HEW HOMES AHD 
DEVELOPMENTS. 

The Financial Times proposes to 
pofefisfe an article covering the 
above subject on these pages in 
the I me of 9th May, 1987. 
AdratisiiifiipaawiBbeavailal^ 
at £25 per single column 
centimetre. 

To find out more call: 
CHARLES PING on 
01-248 5284 



Jackson-Stops 
& Staff 


National Agents 
with 

regional knowledge 



Devoilj, 160aCTCSShirwABmirtaple4inila. 


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MmaiaoJN 

*- J — - 

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For bde aa ■ whole oe In 4 Mb. 

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SOMERSET 

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rtHamfgrlncbN, 

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101BEJUWVQ 


From £80.000. you can nseive a villa 
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Unique fadlltln Include a private 
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(0685) 73968/89312 or writ* to: 
Cl tlMMHl PCa.ua ItamarM Raad. 

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Marty 20 ACRES 


Telephone {053i,' 314455 



eMpwaearveMWUL'L _ 

raam da l lUB Dtan BCBtnbart iwwn on 
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4400 Mac aw * 8 M, Wrt .Hoor. 
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fiK 714 BOB 4990. 



SWITZERLAND 


Lake Ganava 
& Mountain resort* 

W, O* wm f MUtUIal H will » MB 
an. rauMMOM. mm. mm. to 


nanrt CofH k rt Mat awn. w 
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REVAC SJL 

«* *. ihMUM . CM'17D7 E£h£W 
U 4>22O4lS<0 - VeiTXn 


ANDORRA 

BUY DIRECT FROM 
BUILDERS 
£25,000 — £120,000 

Fall sales, management and 
rental service 

CXSJL AaSam PnHPpbrt Ltd. 
30. Nrtttai M8 Gate 
LM*a W113HX 
Ttfc 01J21 6M3 


b» M. Crtta 

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LWIU-WTaittW-JOj^ 11 ^ 
umnSortii. 0b» bn 


es,r— 



npUl? xn?w 

COVENT GARDEN 

HORSELYDOWN SQ. SE1 

Fnt minutes nvik from the city. Adjacent to Ibwer Bridge 

• L, 2 and 3 Bedroomed t Long Lease Holds 

Apartments Lon’ Ground Rents 

8 Stunning Penthouses 0 For Investment or 
and Studios Immediate Occupation 

• Low Service Charges 

£94,000 to £345,000 

XOXNOW ENSURES PRICES FROZEN WITH 
COMPLETIONS IN SOMECASES UP TO ISMONim 


CLINTON SCOTT 

♦ ♦ 


SALES OFFICE 
I GAIN SPORD STREET 
LONDON SE1 

Open 7 days ■ Mek 

tl n iii Vpni 


oMam 



(0-4097800 


29 Wilton Crescent, 
Belgravia, SWl 

A magnificently renovated house presented in flawless condition 
and decorated with great flair and style providing spacious and 
elegant accommodation, comprising 8 bedrooms and 6 bathrooms 
(5 en suite) with the added advantage of staff accommodation with 
a separate entrance. 

Wilton Crescent is one of the premier streets in Belgravia and is in 
the heart of the finest diplomatic and residential area of London. 
49 year lease for sale. Price on application 



n 


Lauxance 


P0 DO* 454 
12 Sta" h, n i f Gate 
London W1A4SA 
Tat m-409 2222 
Fuc 0W» 3026 
Trice 2U988 


Hampton & Sons 


6 Aritogiofl Street, 
Su James'*, 
London SW1A IRS 
Tet 01-493 8222 
Fas 01 -W 3M1 

Trier: 2S341 



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WEEKEND FT XII 


Financial Times Saturday May 2 1987 


DIVERSIONS 


Zippy, elegant, stylish . . . Parisian 


Lucia van der Post reviews the 
French fashion scene, from the 
couture houses to the boutiques 


ONCE, when Paris spoke (sar- 
torially speaking, that is) the 
world followed. Today Paris 
may speak, but if she does, she 
speaks in a thousand tongues. 
The world is hard put to it to 
decipher what she sayeth. let 
alone what to followeth. Today 
fashion in Paris comes in as 
many moods and flavours as a 
Neopolitan ice-cream. 

You may sashay down the 
boulevards in a rubber bra and 
leather mini’Skirt from Jean- 
Paul Gaultier, don a rafflne 
number from one of the grand 
courturiers or choose a wacky 
number from a small Left Bank 
boutique. You can saunter out 
in a slinky body-hugging Azze- 
dine Alaia jersey knit or go for 
big and baggy Japanese 
monochrome chic. You can look 
sweetly well-bred in Celine or 
Hermes, in a well-cut skirt and a 
navy " pull ” and a simple row or 
pearls. All are authentic Paris 
fashion. 

Once upon a time all the 
inspiration and innovation 
came from the big and golden 
names, from Coco Chanel who in 
the '30s persuaded women to 
crop their hair and boirow a 
little of ■* monsieur's " easy way 
with clothes, from Dior with bis 
sweeping New Look, from Saint- 
Laurent with his leather jackets . 
and his penchant Tor " smok- 
ings." Today inspiration comes 
from a million different 
sources. 

It comes still (yes. it really 
doesi from the big and grand 
names that make up the golden 
circle of couturiers who belong 
to the Chambre Syndicate and 
produce inefTably beautiful 
clothes for ineffably rich 
people. For the last few years 
one of the hottest, most followed 
designers in all France has 
been Christian la Croix, until 
very recently couture designer 
at Jean Patou— the news that he 
is to set up his own couture 
house (intrigguingly backed 
with money from the financiers 
behind the House of Dion has 
produced the kind of headlines 
in Paris that the news of an J tfP’s 
indiscretion does here. 

It comes from the foreign 
designers who still flock to 
Paris to imbibe something of its 
style and buzz and who stay to 
inject something of their own 


into the maelstrom that make up 
the world of Paris fashion. 
People like Hanae Mori, Kenzo, 
Azzedine Alaia, Rei Kawakubo 
lofComme des Garcons), Patrick 
Kelly and Billy Boy the jewel- 
lery designer all came as 
foreigners but now are an 
intrinsic part of the Paris 
fashion scene. 

Then there are France's own 
en rants terribles— Gaultier 

(who for all bis apparent wacki- 
ness is a genuinely creative 
talent). Montana, Mugler et al . 
who give verve and lift to a 
fashion world that sometimes 
might be in danger of taking 
itself too seriously. 

After them there comes a whole 
band of rising new design 
names as yet iittle-known but 
foil of promise— convincing evi- 
dence that the supply of fresh 
ideas, of energy and innovation 
isn't going to dry up yet. 

Many are women who seem, 
almost as one, to have risen in 
protest against the unflattering, 
against the hardledged, against 
garments large enough to clothe 
a liner. All over Paris little 
boutiques are beginning to 
emerge selling clothes designed 
to flatter rather than startle, to 
seduce rather than affront 

Then, above all, there are the 
people of Paris who know how 
to make it all work, who are 
prepared to go to any lengths 
and endless trouble to make 
sure that every single detail is 
absolutely right Not for them 
the scruffy shoes, the tights the 
wrong shade, the out-of-date 
make-up, the badly put-up hem. 
A French woman who gets it 
right gets it veiy right indeed. 
She seems to have learned at 
her mother’s knee how to tie a 
scarf just comme il fauL how to 
wear some crazy ear-rings and 
make them look the chlcesl 
thing you've ever seen, how to 
drape a “pull" and exactly 
which belt to wear and how. She 
can dare without looking 
bizarre, she knows how to look 
sexy yet never tarty. 

Just as the French have 
serious restaurants because 
they are serious eaters, so they 
have serious dress designers 
because they are serious dres- 
sers. 




New faces 
to note 

THE OLD guard live on, most of 
them providing impeccably fine 
and beautifully crafted clothes 
for a clientele that they have 
grown to know and understand 
but suddenly there are new 
names around, new designers to 
watch. Here are just a few of the 
brightest and the best 
Myrene de Prfmonville, 8 rue S 
Marc, Paris 2e. See and buy her 
clothes at Harrods and some 
branches of Whistles, in par- 


ticular the branch at 12-14, St 
Christopher’s Place, London, 
WL 

With a name like Myrdne de 
Prgmonville she could hardly go 
wrong. The Americans love her, 
the French love her, and now we 
are getting a chance at least to 
know her. Her style, like many 
of the new wave of young women 
designers, is intensely femi- 
nine— a welcome change from 
the big shoulders, black leatber, 
monochrome bags that have 
been around for so long. 

For summer she offers crino- 
line skirts, some beautifully tai- 
lored jackets and some 
altogether extraordinary colour 
combinations. She loves a 


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an F T BLMNLSS INFORMATION PUBLICATION X 


IF YOU’VE had your fin of 
monochrome palettes, of droop- 
ing skirts and cover-it-all 
jackets, you're not alone. A brand 
new look is ont and abont on the 
boulevards and the faubourgs — 
seductive, flirty, fresh and. above 
all feminine. Ont in front in 
pioneering this more alluring 

form of dress are (left) Myrene de 
Premonville, photographed at 
home in her Left Bank 
apartment, and (above) Lolita 
Lompicka. outside her boutique 
in the Marais, wearing ber own 
sweetly clinging black and white 
silk blouse and slim black skirt. 

If this is the look for yon lookout 
for some of their designs at Har- 
rods and Whistles of 12-14, St 
Christopher’s Place, London, WL 


happy, jaunty look and goes in 
for many a bow and skirts that 
are short, short, short A 
wonderful collection coming up 
for the autumn in particnZar 
very desirable bubble coats, fUn 
and young, yet elegant. 

Lolita Lempicka. 15. me 
Pavee, Paris 4. Find her clothes 
here at Harrods, Whistles. A La' 
Mode, 36. Hans Crescent. Lon- 
don, SW1, and Browns of South 
Molton, London, WL 

Very young. deliciously 
pretty, she is her own best 
advertisement for the style she 
purveys. She has never yet been 
known either to wear or to 
design a pair of trousers. She 
goes in for intensely femine 
clothes all in finest silk, cottons 


Classics 

revisited 

ALTHOUGH it is the new wave 
and the wacky that tend to grab 
the headlines, it is often the 
steady, consistent designers 
whose clothes are the most 
worn. Paris is full of designers 
who seem, year after year, to 
produce collections that evolve 
gently with the times, rather 
than break new barriers with a 
bang. 

These are the sort of clothes 
that have a place in every war- 
drobe— on a day when life looks 
a bit grey, when your legs and 
your face don’t feel up to the 
bubble, the crinoline or the rub- 
ber bra. you reach for the old 
favourite that never makes 
demands. Here are some of the 
best of these old friends to look 
out for. 

Sonia BykleL 8, rue de 
GreneLle, Paris 6e. Find some of 
her lines here at Browns of 
South Molton Street, London 
Wl. 

One of the great knitwear 
designers in the world. It’s hard 
to imagine what the knitwear 
scene was like pre-Rykiel, she 
is one of the many who came 
into designing because she 
couldn't find the sort of clothes 
she herself wanted to wear. Her 
first skinny, shaped knits were a 
sensation and she was Tea lly the 
first ready-to-wear designer to 
make the kind of impact that 
previously was reserved for the 
stars of haute couture. She 
handles knits like fabric, mak- 
ing them soft, supple, following 
the bodyline. 

Agnes B. rue du Jour. Paris 
le. Due to open her own bouti- 
que in London soon. Once a 
fashion editor. Agnes B turned 
to designing clothes because 
(yes, you've guessed it) she 
couldn't find the sort of clothes 
sbe herself wanted to wear. She 
dislikes intensely anything that 
speaks of high-fashion, of dress- 
ing-up, or trying to impress. 
Agn&s B, who looks about 23 
but is a mother of five and 
grandmother of three, goes for 
the sort of clothes that are never 
so fashionable that they rapidly 
become unfashionable. She her- 
self. when we interviewed and 
photographed her, was wearing 
a simple white blouse (the sort 
sbe thinks every wardrobe 
needs) and tweed jacket from 
some previous collection and a 
pair of skinny jeans. Her many 
boutiques (for men, children 
and lolitas as well as women; in 
the Little rue du Jour are a 
regular stopping-off place for 
many a well-dresse woman who 
likes clothes Lhat are easy to 
wear, well-price, effortlessly 
elegant and Lhat last and last 

Chanel, 29-31, rue Cambon, 
Paris la 

Coco may long be dead but her 
spirit lives on. Karl Lagerfeld 
(in between his own Lagerfeld 
collection and his luggage for 
Fendi) is the man responsible 
for reviving the slightly faded 

image, for reworking the classic 
designs, updating the propor- 


or wooL Her current look for] 
spring features navy blue' and 
white silk flowered tops and 
skirts, all floaty and nattering. 
She goes in for wonderfully 
seductive evening dress, short, 
ftill skirts, plunging necklines 
(but discreetly soTmmmed with 
bright red roses on sleeves, on 
necklines or on the back of a 
crinoline style skirt She goes to 
a great deal of trouble to keep 
her prices within reasonable 
orbit— her silk flora I dresses 
sell for about £350, her evening 
ones for about £400. 

Marline Sitbon, currently 
being stocked hereby Harrods 
and A la Mode, Hans Crescent 
' Another of the new-wave 
young women who provides the 
sort of clothes that she herself 
would like to wear. A self-con- 
fessed admirer of old-fashioned 
glamour, of the style purveyed 
by Balenciaga, Dior, 
Schiaparelli et aL she has the 
gift: of designing clothes that are 
of once young and fresh, yet 
sophisticated. A good label for 
evening wear with a differ- 
ence — impeccably elegant yet 
imbued with a sense of Fun. she 
is one of the hottest names to 
watch. Prices range from £240- 
£750 at A la Mode. 

Ana Salazar, 12 rue Turbigo 
Paris le. 

A fairly recent arrival on the 
Paris fashion scene. Ana Sala- 
zar is a Portuguese designer 
who specialises in an under- 
stated sophistication, ideal for 
the working woman who wants 
something easy and relaxed to 
wear. She tends to use rather 
sober, neutral colours but works 
them through a collection so 
that you can pick a wide variety 
of looks that all work together. 
So far I haven’t found a stockist 
here but if you're in Paris look 
in on her shop in the rue Tur- 
bigo (and while you're there 
take in Scooter, one orthe wack- 
iest jewellery shops around). 

Peter Kea, MarchA Saint-Ger- 
main, on the rue Clement, Paris 

A young American, currently 
attracting lots of attention. He 
started off with a menswear col- 
lection but has recently started 
producing a line for women— as 
befits a one-time tailor’s 
apprentice he is notable for the 
excellence of his tailoring and 
he produces for women the 
same strong lines with interes- 
ting fabrics that he used for his 
menswear. Very high fashion, 
very sophisticated, could be a 
trifle avant-garde for those with 
more conservative tastes. He's 
the only known designer to set 
up shop in the corner of a 
greengrocer's market— pick up 
a suit along with today's fresh 
greens. 



SONIA RYKIEL IS. par 
excellence, the mistress of the 
art of making clothes that fit the 
body. Her slinky knits were 
revolutionary in their time and 
her latest collection for this 
summer, photographed above, 
shows she hasn't lost her way of 
cutting knits like fabric, of 
making it cling and flatter In her 
own distinctive way. 


tions and turning the Coco look 
into yet another fashion classic. 
Certainly a visit to the 'rue 
Cambo boutique is 'a lesson in 
enduring chic — the hallmarks of 
the essential madamoiselle are 
all still there but subtly re- 
adjusted to suit the modern eye. 
Chanel just goes on and on. 


Hermes, 24 rue du faubourg 
SL HonorC. Paris 8. Branches at 
155 New Bond Street. London 
Wl and 3 Royal Exchange, Lon- 
don EC3. 

One of the great temples of 
classic chic, Hermds. too. just 
goes on and on. Young deigners 
Eric BergCre has been landed 
with what seems like the 
Impossible job of keeping the 
status and* the classy image but 
making it young and trendy, too. 
He certainly tries (some say, too 
hard). However, the times are 
on his side— as much of the 
fashion world goes upmarket, 
French teenagers are discover- 
ing for themselves the charms of] 
fine workmanship an .quality. 
It’s no longer just the Queen 
who wears the headscarves — 
teenagers borrow from mother, 
fix them in brand new ways, tie 
up their trainers with Hermfes 
ribbons and long to own a Kelly 
handbag. 






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WEEKEND FT XlU 


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DIVERS I O N S * 


fi irfenag: Arthnr HeUyer on 
a gram! gesture to the public 

Lady Anne says 
it with trees 


THE ROYAL Horticultural 
Society has Just made an im- 
portant move in its effort to 
extend its services to gardeners 
and at the same time refute 
the charge that it is Home 
Counties Orientated. 

Xt HAS Sfcfcfifrtfed the gift, by 
Lady Anne Palmer, of her fine 
garden at Resemeor, Great To*- 
rington, Nbffa D&VOb. n is 
the first time It hhs ttobe fate 
a thing since 190S when it 
accepted Wlstey from Soy 
Tbarnas Ha&b&& sfio had 
bought it fttHb the etecAon 
of George F. Wilson for that 
purpose. That Vas a more of 
great significance for the 
society. Wiil the aeqntaftJon of 
ROsernoor Signal another such 
expansion? 

Rosemoor is delightfully 
situated is the weH wooded 
vaHey of the River Torridge. 
There are hills aU round and 
the gardes has been landscaped 
to tale fuU advantage of fofe 
natural beauty. Rosemoor 
itself is a 19th century house 
with a slight Regency took and 
it is plated at the western end 
of the eight-acte garden with 
the drive coming in close to it 
and then sweeping ferough the 
garden fa i a great bow to exit 
at the other end. Lady Anne's 
parents -originally purchased 
the property in the 1920s as a 
holiday home and her mother 
began to make the present 
garden but it was not until, in 
1959. Lady Anne herself dis- 
covered the joys of gardening 
that it began to expand from a 
pleasant but Unremarkable 
place into one (hat bow attracts 


visitors from tall over tirt Wbrid. 

in the early days, Lady 
Anne Palmer’s mentor was tbe 
late Captain Cottiagwood In- 
gram. one of the great 
gardeners of tide century, but 
she soon began to establish a 
reputation of her OWfa, especi- 
ally for her interest lb trees. 
For more than 20 years she 
has been an active member of 
the International Dendrology 
Society, which exists to promote 
the better understanding at 
trees, and this has enabled her 
to travel widely and gam much 
knowledge first hand. She 
began to plant a small arbore- 
tum at Rosemoor in 1975 and 
it has now rached that interest- 
ing stage when the trees are 
thoroughly established and are 
about to beeotte mature wood- 
land. 

But the Rosemoor garden Is 
not just about trees. Shrubs 
and herbaceous plants ate 
also selected and grown with 
distinction. The garden 
possesses what must be one of 
the finest specimens in Britain 
of Rock’s tree peony and visi- 
tors to Rosemoor this June will 
dontttesfi see St covered with its 
Immense white and maroon 
flowers. There Is an outstand- 
ingly good collection of hollies, 
including numerous varieties of 
tbfe so-caned bide hollies raised 
in America by Mrs Kathleen 
MeServe by crossing the British 
holly, Rex iqutjotium, with a 
rare Japanese holly named L 
rugose. This has the unusual 
ability to flower and set Seed 
more than once each year and 
it has passed on this quality to 



Rosemoor, Torrington, Devon 


some of its offspring so the 
chances of getting good polli- 
nation and berry set from the 
blue hollies are high. 

There are hundreds of other 
good things at Rosemoor, fine 
forms of Iris douglestoruz, an 
excellent and expanding collec- 
tion of hostas, many species 
and shrub roses, a brilliant 
Strain of deciduous azaleas, a 
very carefully chosen collection 
of rhododendrons and much 
more. The point about it all 
is that this is not, and never 
has been, a specialist garden, 
fascinating for a few weeks 
each year then lapsing into dull- 
ness. 

Though the gift has been 
offered and accepted, much 
remains to be done before the 
BHS can take full control The 
present car park facilities are 
totally inadequate for the traffic 
that can be expected when 
members begin to flock in. 

Fortunately, there is more 
Rosemoor land across the to ad 
which should provide the neces- 
sary space. Proper toilets must 
be built, staff appointed and 


housed and numerous other 
arrangements made. It may not 
be until late 1988 that Rosemoor 
becomes an RHS garden, a little 
Wisley of the south-west extend- 
ing the services of the society 
ahd increasing the benfits to its 
members. Meanwhile, Lady 
Anne Palmer will continue to 
open her garden dally from 
dawn till dude until the end of 
October for an entrance charge 
Of £1. 

It is fascinating to speculate 
where all this may toad. Will 
the society, encouraged by suc- 
cess at Rosemoor, look for 
another garden or gardens 
Strategically situated to be 
accessible to ns many as possible 
of its steadily increasing num- 
ber of members? Is there any- 
one so generous as Lady Anne 
Palmer or with so much to give 
or would it be possible to share 
a garden with another organisa- 
tion? I feel sure that these and 
many other possibilities will be 
considered and that experience 
at Rosemoor will play a crucial 
i art In determining which way 
decisions go. 


part 

the 


AS A seeitattter, X am thankful 
to ste tire back of this April. 
How can you possibly sdw flop- 
pies for this summer when the 
rain begifis by Wtehfaig the rows 
away and tire sun then dries tire 
surface into a hard cake ? It 
would be easy to despair luid 
rely on garden centres* tender 
bedding planks in ax week** 
time, fit would ateo be expen- 
sive and rather narrow. Thtete 
is more to a seed-sower's garden 
man another strip of petunia 
plants. 

Ja fsctv «fe« sowing setsob ex- 
tends much farther than most- 
gardeners realise. DsdaQy, I 
find myself sowing a second 
round of annual flowers as late 
as Janet They are ready far 
thinning by early July and far 
planting towards the end of the 
month* 

Be then, the fast annuals are 
ending up or running to seed; 
poll them up, plant out the faeW 
intake end shade them between 
Che hoars of 11 end 4 during 
the first week of hot weuhfer 
'SwtdooiSs 

I find that back numbers of 
the ST are excellent at absorb- 
ing hot air, not giving tt out. 
Under a pink canopy, rite new 
seedlings establish themselves 
quickly and come irito flower by 
early September. 

For this Second relay. X grow 
everything oh to boxes udder 
unhealed glass or In frames, 
whether or fact the plants are 
hardy. The seedlings &fth be 
quite elzeable before they are 
moved, ht to too risky, X find, 
re think of cowing directly into 
tiie ground lb high summer, as 
a week’s hot weather can make 
it Wee brick*. _ 

Choose awhiKilii Which do not 
have single tap roots, the prob- 
lem with pooutefl. far instance, 
and then you can transplant 
anything quite easily. They 


Sow-sow time 


wfll flower from the first 
autumn dews until the frost 

The morel of this practice 
is that it Is never too late to 
sow, least of all on the verge 
of May. Nowadays, there to no 
need to waste time by senates 
away far gomething special. The 
big seed growers now cover 
garden shops very thoroughly 
with packets Of quite Specish 
toad flower seeds. They give 
a wider range than the Usual 
tames of ready-grown summer 
bedding. 

Off the shelf, tty first choice 
It always that unpubBctoed 
marvel, Bchtam. sown now. It 
Witt sprint into flower by late 
July and will withstand either 
extreme sun or miserable wet 
It also responds happily te a 
second, June sowing; the 
seedlings bush out Duo rounded 
ptante about a toot high and 
cover themselves with cop- 
shaped flowers of blue, ptek 
or white. Eventually, they run 
to a few tingle flowers at the 
end of their rough stems which 
expose too much of their hairy 
loaves, closely related to borage. 

At feat point you should cut 
die whole plant back and force 
it to flower agate or replace 
With a mid-summer sowing. X 
tan never deride whether I 
prefer the selected thina4)liie 
of Blue Redder or the pink, 

white* blue and mauve mixture 
which to much more civilised 
than it sounds. X have never 
known this annual fett in 60 
years and cannot imagine why 
gardeners do not bed it out 
as a fifet choice. It sets mosses 
of seed and after one year you 



need never buy any more, again. 

I also recommend its dose 
relation, the Chinese forget-me- 
not It is Oven better nowadays, 
because you can buy a selected 
sky blue form whit* will grow 
for anybody. It to called 
Gynoglosum Amabtte Firma- 
ment and produce so many 
flowers that every modem snap- 
dragon ought to blush. 

K to hardy, not so coarse- 
leaved as Bchium and Is out- 
standing value at 40p a packet, 
tt will even put up with dry 
soil 1A light shade and as Its 
flowers remain open without 
sun, X prefer It to the better- 
known deep blue of plants such 
as Blue Pimpernel. Almost 
nobody appears to bother 
with it, rarely only through 
Ignorance. 

In a wetter place, why not 
try musk? Even its Latin 
name. Mtemulux, sounds 
familiar and old-fashioned but 
actually this f am il y has been 
transformed in the past five 
years. ^ _ 

The gloomy Summer of 1988 


showed me what the new 
varieties can offer. Minmulus 
Calpso Hybrids, from Thomp- 
son and Morgan of Ipswich, 
really do flower about eight 
weeks after sowing. They are 
much more tolerant of a dry 
Spell than the older types of 
musk and they coped well with 
teat brief buret Of heat at the 
end of tost June. About six 
indies high, they are brilliantly 
coloured but not vulgar. 

Lastly, there Is one recent 
annual which will give anyone 
a sense of achievement, how- 
ever late they wake up to it 
Hallow was always a good 
family, but the newish pure 
white Lavateca Mont Blanc has 
an intensity of colour and a 
general vigour which is un- 
surpassed. 

A few flowers go a very long 
way, but their strong shade of 
white can keep company with 
the most refined white garden 
as the evenings lengthen. Two 
years ago. I had it among the 
scented Mignonette Red Mon- 
arch and the elegant scarlet 
flax or Limun. 

It can only have been per- 
versity whit* made me bur 
anytbing different for 1988; ali 
three of them, I see from my 
notes, were sown around May 7 
so this year, they win be bad- 
in force for a total cost of £l.li* 
to last tbroughut the summer. 

Robin Lane Fox 


Christian Tyler on the arrival of grand opera in Luxor 

Egyptian encore for Aida 


FOR MOST of the season, 
Arab! Ahmed the boatman and 
his felucca the “Horus” have 
been cut off from their 
customers. 

The river bank has been a 
confusion of mud, concrete and 
steel reinforcing bars as a gang 
of Chinese workers raced to 
complete a new promenade for 
Luxor, capital of Egyptian 
tourism. 

From today, however, Ahmed 
and his friends in the small, 
scruffy town should be making 
money hand over fist, thanks to 
the extraordinary ambition of 
an expatriate Egyptian oil 
trader and travel agent from 
Vienna, Mr Fawzi Mitwali. 

Almost single-handed, Mr 
Mitwali has brought Verdi's 
grand opera Aida back to 
Egypt Fifty thousand opera 
buffs, artists, technicians and 
extras are descending on Luxor 
for 10 performances by the 
Verona company in the Temple 
of Ammon, opening night The 
few hotels are packed, and 60 
Nile cruisers are wallowing in 
line along the bank 

The tenor Placid o Domingo 
is contracted to lead off as 
Radames for the first two 
nights, with a chorus of 200 
and a cast that includes 350 
Egyptian soldiers from the 
Luxor barracks, “real Nubians, 1 * 
and 60 horses. 

A British firm. Beck and 
Pottltzer, has built the stage, 
and a three-ton obelisk of steel 
to complete the pair at the 
temple entrance. (The missing 
megalith stands in the Place de 
la Concorde In Paris.) 

Mr Mitwali, who confessed to 
being “ very tired ” when inter- 
viewed in London recently, 
claims to have covered the 87m- 
$10m cost of the show with 



Fawzi Mitwali 

advance sales of over 25,000 
tickets. He is negotiating film 
and video rights with Italian, 
West German and British 
television. 

Ticket sales were contracted 
out in advance, mainly to 
European tour operators, in an 
effort to prevent a black market 
that would tarnish the image the 
Egyptian authorities are anxious 
to present Despite precautions 
opera tickets have surfaced in 
Cairo, priced at between $230 
and $500, according to one tour 
operator. 

The British wifi be paying 
between £780 and £1,250 a head, 
depending on the length of 
tour they take with the ticket; 
the Austrians will pay between 
16,000 and 21,850 schillings for 
a five-day Jaunt. Rdoh patrons 


have been offered tee option of 
a Concorde flight direct to 
Luxor. 

Eighty American nrilBo&alres 
wall be Moons 8,000 in a con- 
tingent from -foe US, but 
students, teachers and royalty 
will be let in free. 

Mr "WatwaU has set aside 100 
tickets for President Mubarak 
and fads guests. He expects 
King Hasson of Morocco, rang 
Hussein of Jordan, members of 
the Scandinavian royal families, 
and ex-queen Farida of Egypt. 
The British royal family 
will be represented by Prince 
Charles. “But we refused to 
have politicians," said Mr 
Mitwali. 

The rich oti trader, a modest- 
sectoring man for such an extra- 
vagant project, sees bis “Aida” 
as a hand of peace demonstra- 
tion as weU as a mark of grati- 
tude to ehe -country he left after 
tee Suez war. 

“It’s something good for my 
country, and. I wanted to bring 
all the people together.” he said 
w his broken tlnghsh. “We 
have visitors from Israel and 
Pakistan, from Iraq and Iran. 
Governments did not succeed in 
doing something like this. This 
is the first time. It means we 
want all tee people to live to- 
gether.” 

Tet it looks as if Luxor will 
be hearing more European than 
Middle Eastern accents. As one 
of Thomas Cook’s Egyptian 
managers said; “In my opinion 
it’s for highly-educated people. 
For Instance, the Saudis won't 
come*, they only go to Egypt 
for tee fun.” Judging by tee 
activities of the hard-drinking 
Gulf Arabs who throng tee lifts 
and lobbies of Cairo's luxury 
hotels, he is right 


An Italian reviewer of the 
first night of " Aida," on 
Christmas Eve 1871, at the 
Cairo Opera House, had a 
Similar comment 

“The curiosity, the frenzy of 
tee Egyptian public to attend 
the premiere of ‘Aida* were 
such that, for a fortnight, all 
the seats had been bought up 
and at the last moment the 
speculators sold boxes and stalls 
for their weight in gold. 

"When I say the Egyptian 
public, I speak especially of 
the Europeans; for the Arabs, 
even the rich, do not care for 
our kind of theatre: they prefer 
the miaouing of their own 
chants, the monotonous 
beatings of their tambourines, 
to all the melodies of the past, 
the present and tee future. It 
is a perfect miracle to see a 
fez in the theatres of Cairo." 

Nevertheless, Mr MI tw all's 
repatriation of "Aida” has 
raised some nationalist hackles 
in Egypt, not least among local 
travel agencies. For example, a 
rival company fielding Egyptian 
stars appear to have been 
lobbying for permission to 
stage tee opera at tee pyramids 
of Giza. 

11 Mubarak refused permis- 
sion,” said Mr Mitwali, “But I 
hear teat they might do it— 
maybe after our ‘Aida’.” 

By then Mr Mitwali will have 
moved on — perhaps to Japan 
for “Madame Butterfly.” “I 
want to bring all the opera 
home. That is my wish. But 
first I want to sleep.” 

Meanwhile the horse-and- 
buggy drivers of Luxor are 
polishing the brasswork and 
Ahmed the boatman is ordering 
more visiting cards. Luxor may 
see nothing like this again for 
a hundred years. 


Collecting 


Enemy below 


THE POLITICS of the deter- 
rent are nothing new. When 
the American Robert Fulton 
offered his scheme for a naval 
torpedo to the world in 1810, 
he justified a weapon that then 
seemed so dreadful, as a means 
of keeping the peace. 

Fulton was one of those 
self-educated polymaths who 
proliferated in tee Age of 
Reason. An American of Scots- 
Irish descent, he was bom in 
Little Britain, Lancaster County, 
in 1705. His father died when 
Fulton was four, leaving his 
widow to raise five children. 

Somehow she managed to give 
Robert a rudimentary education 
and by the age of 10 he dis- 
played a precocious genius for 
drawing. His early enterprises 
as Inventor sound like Tom 
Sawyer adventures. At 13 he 
made a sky rocket and at 14 
he devised a paddle boat to take 
his friends fishing on the local 
creek. 

Having earned enough money 
as an artist and portrait painter 
to set bis family up in a form, 
he arrived in London to study 
with the successful American 
painter Benjamin West In 
Britain the passion for inven- 
tion soon took over completely. 
He became associated with the 
Duke of Bridgwater, devised 
Innumerable improvements to 
?anal navigation, and began to 
sign himself “Civil Engineer." 
He invented machines for cut- 


ting maifale, for spinning flax 
and for twisting cope, and built 
cast iron bridges and aqueducts. 

The Napoleonic Wars in- 
spired tee nautical Inventions 
for which he is today mostly 
remembered. In 1800 he per- 
fected a submarine called tee 
NodtiUia, which could stay 
under water for four and a 
half hours. Napoleon was en- 
thusiastic enough to commission 
him to proceed against British 
ships, but when tee Nautilus 
failed to overtake any, the 
French lost interest With ad- 
mirable impartiality Fulton 
then placed tee Nautilus at the 
disposal 

Work on submarines had, 
however, suggested to him the 
idea of developing steam navi- 
gation. Returning to America, 
after some years of experiment 
in Europe, he launched the 
world's first commercial steam 
ship tine, on tee Hudson River, 
in 1807. The maiden voyage of 
the Clermont, scheduled to take 
five days, was triumphantly ac- 
complished in 68 hours. 

Meanwhile, however, Fulton 
had been applying his mind to 
the destruction as well as the 
construction of shipping; and 
the reason why he figures this 
week in a column for collectors 
is that in their book sale of 
May 13 Christies will sell a copy 
of bis rare pamphlet Torpedo 
War, and Submarine Explosions, 
published in 1810. 



The blowing-up of the “ Dorothea ” at Peal, 1805 


As with tee submarine, he 
tried to interest both the 
French and the British in his 
invention. His most successful 
demonstration of its effective- 
ness was when (to order) he 
destroyed a Danish brig, tee 
Dorothea in Walmer Road, near 
DeaL He had chosen a spot 
within view of Walmer Castle, 
then the home of Pitt; but un- 
fortunately the Prime Minister 
was called to London and 
missed the fireworks. 

Having again failed to con- 
vince the European adver- 
saries, Fulton appealed to the 
American Congress. 

Congress seem to have given 
him no more encouragement 


that the European powers and 
Fulton returned, with satisfying 
commercial success, to his 
steamboat enterprises. 

His submarine pamphlet is 
elegantly printed in oblong 
quarto, with lively woodcut 
plates. The Christie copy con- 
tains tee bookplate of Admiral 
Lord Keith, who had been in 
charge of the assault on Bou- 
logne when Fulton’s sub- 
marine devices proved ineffec- 
tive. Considering its rarity, tee 
pamphlet seems not too high- 
priced an item: tee saleroom 
anticipates a price around 
£1,000 for it 

Janet Marsh 


Spring is out of step 




) t . 

V 


THE WARM sun of the lest two 
weeks has finally brought 
spring to tee form and garden. 
But it has been a tong tfes 
Coming, and evfcfa now the oak 
and ate trees around the house 
are staging a slow rate to be 
the last to tom into leaf. 

This Is important to any be- 
liever in the traditional HUtM 
which goes: “tt Oak is in lfeaf 
before the Ate there will only 
be a splash. But if the Ate 
comes before the Oek* there 
will be a mighty soak.” At 
present the signs are the oak to 
Winning, That means a dry sum- 
mer. 

la fact a drought may be 
starting now. because although 
the first week or so of April was 
of tee wettest, (he strong winds 
which accompanied tee rain -f- 
tnd the intensity of teat rate 

hammered tee ground into 

the consistency of concrete 
through white ertpe and grass 
have the greatest djJfSS 
growing. T would rottst to* 
farm is at least a fortnight be- 
hind what I would consider 
normal tor a good gj&fac “ 

But of course X att preju- 
diced. As soon as we gat half- 
way through January I begin 
to look tor' signs that growth 
is going to start again. (Never 
more so tean this year when I 
spent most of tee winter either, 
s igning in hospital, or con- 
v&leace&O There was i brief 
mild spell in late February 
when a pair of hardy magpies 
were repairing a nest outride 
my hospital window. But teat 



Country 

Notes 


did not last long and March 
was looking for some rain white 
By tee end Of the Mouth X 
was looking for some rain which 
of course wo got In April, but 
it was not tee right sort The 
land must hare been very cold 
indeed, as crops mode so little 

S nwth. Z began to despair. 

or Was there any Hfe in tee 
hedges, in a normal spring 
ff you look hard yon can often 
find eiders and young haw- 
thorn® in leaf « early a the 
teri of March. This spring they 
were barren until wdl into 
April. 

■ The weather seemed to make 
tittle difference to the sexual 
affairs of tee wild life. 1 saw 
masses of rabbits at their mat* 
Log games in March, and now 
there are young ernes every- 
where. X hope some myarama- 
taris will keep them from 


getting too numerous. Part- 
ridges, of course, mate very 
early but nest late. Z have 
found no pheasants’ nests yet 
but the promiscuous cocks 
which survived the shooting 
reason nave assembled their 
harems at the nOrtoal time. 
The cuckoo has been heard— 
not yet by me— but .see at to 
be late; f am sure be leaves 
Africa at the normal time, but 
busy when he 
_i other birds he 

hare nested. I don't 

(eve his intelligence service 

can toll him the British 
temperatures. 

Last week tee hot weather 
brought a big hatch of tiny 
fliet and our resident tits 
suddenly 'abandoned the pea- 
not, which they had bean 
devouring and disappeared, 
favouring, no doubt, a car- 
nfroTOUB diet . „ . „ 

Last week too, the bluebells 
quite literally burst into bloom 
and my broad-leaved woods are 
a pleasure to explore. There 
has even been some recovery 
among the primroses which had 
been decimated by thieving 
motorists in previous years. 
Can't these people realise that 
wild-flowers will not grow in a 
suzbusb&n garden. 

Anyway, difficult and dis- 
appointing though Z found this 
spring it has come at last and 
I am pleased to welcome it- But 
Z would tike a nice warm rain 
over tee next week or two so 
X hope the . ash trees green up 
first 

. John C^emngton 


FT BOOKLETS 
The FT is offering the 
following booklets for sale 


i486 European Top 500 

The FT 500 is a survey of Europe’s biggest companies, published for the fourth year in 
succession. In the two main lists, the European 500 and the UK 500 publicly quoted 
companies are ranked by market capitalisation, taken at the end of the month of June. 
This yardstick measures a company’s value in the eyes Of investors. It is a good guide to 
performance over time. The survey also analyses the key figures on each company— 
turnover, profits, employment and return on capital. 

Price £10,00 

CHINA 

A collection erf Financial Times Surveys on the People’s Republic of China published 
in 1986. 

Price £5.00 

CORPORATE RENEWAL IN EUROPE 

A selection of management case studies, published by the Financial Times, and 
prefaced by Sir John Harvey-Jones, Chairman of 1CL 

Price £4,50 

THE CITY REVOLUTION 

A reprint of The City Revolution Survey published in the Financial Times on October 
27,1986. 

Price £3.00 

If you wish to order any of these booklets, please send a cheque, made payable to 
financial Times Ltd, for die value of your order to : — 

Mike Robinson 

Financial Times, Publicity Department, Bracken House 
10 Cannon Street, London EC4P 4B Y 


FINANCIAL TIMES 


-Europe’s BiauHssNswfpsper- 
' London ftanUun-Ne»tat l_ 


An auction 
where you can even 
afford the time. 

If the prices don’t put some auctions out of your 
reach, the viewing and sale times certainly 'will. 
Sotheby's Conduit Street Sales are designed to fic 
in with your lifestyle, special Sunday viewings and 
evening sales. 

You’ll find many complete room settings of 
fiirniture, rugs, ceramics, works of art and wine. 
Delivery is inexpensive and can be arranged on 
the spot. 

Visa or Access cards are accepted, and as lots 
start from as little as £200, time will not be. the only 
riling you ran afford. 



1 A Jdngwood and marquetry games tables 
c. 1860,76 cm. high. 84 cm. wide. 
Estimate: £<00-1,000. 


MAY SALE 

Monday 1 1 th May at 5.30 pm 

VIEWING TIMES 
Thursday 7th May, 12 noon - 5 pm 
Friday 8th May, 9 am - 5 pm 
Sunday 10th May, 10 am - 4 pm 
Monday 1 1th May, 9 am -2 pm 
Illustrated catalogue £2. 


Enquiries: Caroline Hurioct 

26 Conduit Street, London W 1 A 2AA. Telephone: (0 1 ) 493 8060. 

OTHEBY’S 
QSDUirSt 

LEROOM 





XIV WEEKEND FT 


Financial Times Saturday May 2 1987 


D 1 V E RSI O N S 


Charm of china 


Lucia 
v van der 
Post 


BLUE AND white china is one 
of those enduring classics that 
always charms. For those who 
have given up hope of finding 
bargains in antique shops but 
don't want the ubiquitous 
Willow Pattern despite loving 
the refreshing prettiness of blue 
and white, ZCTC have now 
brought out two new collections 
based on this perennial 
charmer. The range created by 


designer ’Lilian Delevoryas 
relies on sweetness of mood. 

Lilian Delevoryas made her 
name as a painter and then as a 
designer of needlework ldts so 
It isn’t surprising that her china 
has a distinctly painterly look — 
nil soft and smudgy blue and 
white. Besides tableware like 
plates (£4.25 for a 10 in size), 
bowls, cups, Jugs and tea-pots 
(£16.75 for the large size) there 



Blue on white and white on blue — - the new 
generation of desirable ceramics from Next Interiors 



Hand-painted cabbage roses tumble all round and 
over the edge of Qneenborough Ware’s simple 
classic bowls and mates 


CHESTER BARRIE 
BRINGS A 
LITTLE COMFORT 
TO THE 
CITY 

Chester Barrie suits are so wonderfully 
comfortable as well as so elegant 
because they are hand tailored. 

Chester Barrie uses all the traditional 
hand tailoring methods; hand cutting, 
hand sewing and hand pressing - to 
create garments that move with your 
body instead of fighting against it. For 
sheer durability button holes are made 
by hand and buttons sewn on by 
hand. 

But you don’t wait weeks for all this 
craftsmanship. You can slip into a 
Chester Barrie suit immediately 
because it’s ready to wear. And that 
make the price easier to wear too. 
Austin Reed has a specially large 
choice of Chester Barrie suits in 
Cheapside and Fenchurch Street 
branches right now - your chance to 
discover the comfort that Chester 
Barrie is bringing to the city. 



tflegent 

77 Cheapside EC2 13 Fenchurch Street EC3 


“I always said I’d 
rather die than sell 
my fiddle.” 



Unfortunately for some, there comes a 
moment when that choke has to be made. 

Musicians who have given others many 
boors of enjoyment sometimes fall on hard 
times and find they cannot even 'provide for 
themselves. The cause can be old age, iEness- 
anyt hi ng. Bur you can help. 

Just as they have bestowed their gifts on 
us, we can give something back to diem. 

A donation to the Musicians Benevolent 
Fund could mean that lnus}Ctans , lives don’t have 
to end on a sour note. 

Even better; remember the Fund m your 
W3L Thar way your love of mu»c can Eve on for 
others to enjoy 

Please send a donation, larcfur small, to: 

MUSICIANS BENEVOLENT FUND If, 

Dr Philip Cranmer, mafrco, Chairman 

i 6 Ocu Street, London WiP 7LG. 


3s also a large lampbase in the 
series at £39.50. 

In much more modem mood 
is a collection from Germany 
marketed under the name of 
Clouds. Featuring a blue sky 
background and adorned with 
white clouds, it also has less 
nostalgic shapes and ■ style. 
There’s a wide selection to 
choose — from a full dinner 
service to small individual 
pieces like egg cups, butter 
dishes, trays, etc. 

For those who are given to 
matching everything, there is 
also a linen tablecloth, measur- 
ing 100 cm by 100 cm, for £9.95. 
A dinner plate sells for £7.85, a 
mug for £3 A0. 

Both sets of tableware can be 
found at all ICTC stockists, and 
in particular at Divertimenti of 
68 Harylebone Lane, London, 
WJ, and 139, Fulham Road, 
London. S.W.3. 

• 

WHEN Next Interiors launched 

its version of the contemporary 
look about the house, some of 
the most Instantly desirable 
objects in the entire collection 
were Janice Tchalenko’s mar- 
vellous ceramics. Here was 
genuinely fine pottery available 
at incredibly low prices. Her 
vases sold for anything from £12 
to £25 and bad the look of 
pieces costing anything up to 
five times more (indeed, very 
similar pieces were selling in 
up-market designer/decorator 
shops for five times more). I 
have several of her vases still 
and much pleasure they go on 
giving me. 

Janice Tchalenko and Next 
Interiors have parted company 
but she goes on doing stunning 
work for Dart Pottery, a new 
company formed from a 
management buy-out team from 
the old Dartington Hall Trust 
Fans of the Tchalenko style will 
mediately recognise the fine 
sense of colouring, the strength 
and boldness of shape and 
design. 

Sketched top right is the 
latest design — Black Rose — a 
design at once strong and 
subtle, featuring a smudgy 
white background and black 
flowers with a red centre. Prices 
happily, are as good as ever, 
with the large salad bowl at the 
back selling for about £26.60, 
the small bowl in the front for 
about £10.40 and the vase on 
the right for about £8.82. 

Find them at Dart Pottery, 
S hin Ti ers Bridge, Dartington, 
Totnes, Devon; The Craftsman 
Potter’s Shop In Marshall St, 
London Wl; the Design Centre 
Shop, Haymarket, London; and 
good craft galleries up and 
down the country. 

Meanwhile, Next Interiors 
still seems committed to Its 
policy of fine ceramics at acces- 
sible prices and has on sale at 
the moment a delectable selec- 
tion of blue and white— some 
soft and smudgy, some strong 
and dramatic. 

Shown here is a big serving 
platter — one version blue on 
white, the other white on blue — 
both are £29.99. 1171111 them is 



a selection of blue-rimmed pot- 
tery — the jug is £12.99, the cup 
and saucer, £4.50, the bowl £3.50 
*ad the plate £3.99. 

Finally, if yon really are in 
the mood for delectable china 
don’t decide without looking at 
some marvellous new Queen- 
borough Ware — old-fashioned 
shapes with creamy back- 
grounds are awash with 
tumbling cabbage roses. Hand- 
painted each and every one, the 
small bowl is £17, the large one 
£48. Coming soon are lamp- 
bases, cache pots and a pot- 
pourri holder. Find them at the 
General Trading Company, 144, 
Sloane St, London SW1, and 
Joanna Wood, 48a, Pimlico Rd, 
London SW1. 




FOOD FOR 
THOUGHT 


Janice Tchalenko’s stunning designs for Dart Pottery — white background with 
striking black and red flowers on strong, simple shapes 



Lillian Delevoryats’s soft, smudgy blue and white 
flowers for ICTC, all in gentle nostalgic mood 


NOW IS the season ofthe lawn- 
mower and the power tool as 
the gardeners and the do-it- 
yourselfers get into full swing. 
Every year somebody is elec- 
trocuted or injured using one 
or other ofthe many electrical 
gadgets around the home. Enter 
the Powerbreaker — in plug, 
socket or adaptor form the 
Powerbreaker does what it 
implies. That is, as soon as 
there is an accident of any sort 
like a cable being run over, 
the power is instantly cut at 
source. About £20, but it seems 
a gadget well worth investing 
in, Find it in Wool worths and 
good electrical stores. 


ANYBODY who finds the prices 
of works of art in the estab- 
lished galleries beyond their 
means should hurry along to 
the Barbican Centre's Con- 
course Gallery where from now 


IN BRIEF 


until May 23 (except April 30, 
May 13 and 21) they can see 
(and buy) a large selection of 
works by artists young and old, 
new and not so new. There are 
etchings and mixed media 
prints, watercolours and oils. 
Work ranges from the repre- 
sentational to the abstract, 
from charming still-lifes to 
scenes of the Welsh country- 
side. Prices start as low as £22 
and the most expensive paint- 
ing on offer is Douglas Wilson's 
oil of May. 

Open i-om Monday to Satur- 
day from 9 am to 9 pm and 
from noon to 9 pm on Sun- 
days, this is a marvellous 
chance to see a wide selection 
of utterly contemporary work 
at very accessible prices. 


THEBE IS more to London’s 
Docklands than new news- 
papers. Norman Holland runs 
an exclusive, little business 
down there celling high quality 
teas by mall to anybody and 
everybody who appreciates 
what tea should really be like. 

Mr Holland delivers teas 
personally in the Docklands 
area, otherwise he does it by 
post. Everything from a fine 
quality Assam to a scented 
fthina Jasmine can come wing- 
in gthrough the air,- courtesy of 
the postal service. Prices vary 
between £1.90 for 500 grams of 
the Assam to £3 for 500 grams 
of Finest Earl Grey (which, did 
you know? is china tea scented 
with oil of Bergamot). 

Write to Mr Holland at 48 
Cannon House, West India 
Dock Road, E14 for a mail 
order list, including sae. 

LvdP 


Sport comes 
into fashion 


THE inducement this summer 
to keep trim are huge. Firstly, 
the hedgehogs and the rhubarb 
are doing whatever it is that 
hedgehogs and rhubarb do 
when there’s a good summer 
on the way. Secondly, the word 
on the fashion front is short 
and skimpy, figure-hugging -and 
bump-revealing. So if keeping 
in trim has always been some- 
thing that you were going tt> do 
tomorrow, my advice is to tty 
and make it today. 

Maris & Spencer, ever alert 
to new ways of attracting our 
disposable Incomes, has just 
introduced a range of sports 
equipment which is so attrac- 
tively priced that it is well 
worth looking at There is, for 


instance, a lightweight graphite 
tennis racket for jnst £45, a 
half-set of golf dubs for £99.95, 
croquet setts . for £59.50, an 
executive set of dumbeUs for 
£22.50 and so on. 

For those who believe in 
exercising in the privacy of 
their own homes there is the 
exercise cycle— for just £90.95 
you too could have thighs like 
Selina Scott, legs like Angela 
Rippon and a bosom like 
Samantha Fox. 

Sports equipment is available 
from ST & S stores in Cardiff; 
Glasgow, Argyle Street; King- 
ston; Liverpool; Newcastle 
Metro Centre; Nottingham and 
Reading. 



Cookery 


Bright young things herald spr ing 


FINE weather and a flurry of 
activity in the garden over 
Easter have whetted my appe- 
tite for fresh young vegetables. 
The offerings of my own garden 
are months away from gracing 
the dining table, as yet barely 
breasting the ground. Sorrel is 
the exception, each clump a fat 
cushion of fast unfurling bright 
green leaves, like spinach work- 
ing on overtime. It seems right 
that sorrel should be first. Its 
gloriously sharp clean taste in 
the perfect spring tonic. 

I have been using it to make 
Polish Salad Soap, which can 
be served hot or cold and makes 
a lovely prelude to grilse or 
young lamb for dinner. Simmer 
6 oz sorrel, 2 oz watercress and 
a medium-sized onion, all 
roughly chopped, in aboufli pt 
water or stock in a tightly 
covered pan for 45 minutes or 
so until the vegetables have 
given all their flavours to the 
liquid. Pass the mixture 
through a mouli-l€gumes. Serve 
hot, lightly enriched with an 
egg and cream liaison, or 
chill ed and thinned with J pt 
smetana or soured cream. 
Garnish with finely chopped 
hard-boiled egg. 

Sorrel also provides an excel- 
lent finishing touch for Spring 
Potato Salad. Use the young 
Jersey Royals just coming into 

the shops, or try Waitrose for 
La Ratte. Dress the potatoes 
with vinaigrette while still 
warm from steaming and serve 


them as soon as cool under a 
green canopy of chopped sorreL 

For a crisp and piping hot 
hors d'oeuvres or snezze to 
nibble as you Unger over pre- 
prandial drinks, I recommend 
Spinach and Sorrel File Pies. 
Cook about fib each spinach 
and sorrel. Squeeze out all mois- 
ture and chop (save the fiiquld 
for soup). Max with a little 
finely chopped onion softened m 
oil. 3-4 oz salty sharp Feta 
cheese and a seasoning of 
toasted and lightly crushed 
cumin and coriander seeds. Put 
small spoonfuls of the mixture 
on strips of buttered fi3o pastry 
and fold and roll up each one to 
make a plump and neat minia- 
ture triangular pillow. Deep 
fry or brush the kittle piee with 
more butter and bake until 
golden. 

Cultivated crops can be 
supplemented by wild leaves. 
Young dandelion leaves make 
an agreeable alternative to 
6orrel din potato salad, and their 
refreshing bitterness breathes 
fresh life into dull hothouse 
lettuce. 

Lardons of hot, thick-cut 
streaky bacon are the usual 
garnish for PtasenUt Salad; 
snippets of deep fried chicken 
skin plus a handful of toasted 
pumpkin seeds make a good 
variation. 

Young nettles are also deli- 
cious. Young is the operative 
word — old nettles, tike old 
dandelions, are a penance to 



eat. Pick nettles when they are 
just an inch or two high. . Chop 
them and stew in a splash of 
water with a knob of butter; 
bind them with a little sauce 
znomay, spoon Into the bottom 
of ramekin dishes and crack 
eggs on top for a substantial 
version of Oeufs en Cocottes. 

It shouldn't be too long now 
before the first sweet bunches 
of featheiy-fringed young 
carrots come Into the shops. 
They look so pretty that Z can 
hardly bear to cut off the 


Aon* Morrow 


foliage, and I love the idea of 
Stuart ladies using the 
greenery to decorate their 
hats. 

Last year I used my first 
bunch to make a fragrant 
Risotto with Carrots and Mint. 
Cut the carrots Into matchsticks 
and stew them briefly In a little 
very good olive oil with a 
scrunch of black pepper. When 
just tender grate over them a 
sotspeon of orangezest and add 
a sprinkling of fresh torn mint 
leaves. Gently stir the contents 


of the pan. into a dish of 
arborio rice cooked in the 
usual way but made without 
saffron and including the juice 
of an orange. 

Another vegetable already in 
the shops, which' arrived long 
before the first cuckoo, is 
Florentine fennel, whose 
pretty pale green colours and 
faint anise flavour always seem 
to me so appropriate to early 
May. If the weather is dement 
I use it to make a cool creamy 
soup 1 call Fennel Ytchyssolse. 
Sometimes I cube and fry 
fennel with almonds for a 
crunchy accompaniment to 
delicate poached chicken 
But my favourite just now is 
Grilled Pork with FextneL Slice 
two or three fennel bulbs 
thickly and reserve the feathery 
fronds. Steam or boll the Slices 
until just tender, blot dry and 
lay them in a gratin rii«h 
moistened with, good olive oiL 
Lay pork chops on top (chops 
that have been marinated in 
olive oil with lemon — - and a 
dash of Pernod perhaps). GrilL 
basting as necessary, until the 
meat is succulent and tender. 
Remove the pork and slide the 
dish back under the grill to 

g aze the fennel with the meat 
ices. Let it frazzle and begin 
to burnish with gold. Season, 
return the chops to the dish and 
dish with the feathery fennel 
ids. 

Philippa Davenport 


Johnny 

come 

latke 

WITH no cuisine of our own 
to speak of, we are suckers 
for everybody else’s. As long, it 
seems, as it can qualify as 
exotic in some way. 

Beetroot, cabbage, herrings, 
vinegar, cheese and beer. A 
litany of all we reject; as both 
old-hat and unexotic. No 
memories of Mediterranean 
holidays there, no whiff of far- 
away places with strange- 
sounding names, Montego, Lan- 
zaxote, and Playa de Aro. These 
foods cany a whiff of .rainy 
nights in Qeckheaton, land- 
lady’s suppers in Oldham. And 
yet, heaven help us. we like the 
flavour of these good sour 
things: vinegar, cheese and 
beer are the staples of the 
saloon bar flavour offering. 

Among all the exotic cuisines 
that find a home in London, 
nobody seeks to bring us the 
flavours of . North-Eastern 
Europe— those that begin in 
Lille and go op through Kiel 
to Danzig and beyond. If you 
go really beyond you’re into 
Ruths; and R u ssi a n food has 
always had a certain due -in 
London, Paris and New York. 
All that caviare and vodka I 
suppose. And it’s for enough 
away to qualify as exotic. So 
in a way is Hungary. The Gay 
Hussar in Greek Street, a haunt 
of socialist chic and Tom 
Vrfberg (or are they the same 
thing?), continues to serve 
Immensely filling portions of 
gutsy magyar food; but it has 
never developed any take-away 
followers. 

I have often .noticed that 
what distinguishes a dish of 
French food served in 
a Paris brasserie tram the same 
thing dished up by a devoted 
Kensington Imitator is the com- 
parative ’sourness of the real 
French version! ! was brought 
op to think that vinegar was 
•** common " and 1 think that 
■the sourness of northern Euro- 
pean food suffers In our eyes as 
a result of this kind 0* preju- 
dice. Sauerkraut! What a doubly- 
unappetising concept _A> if 
cabbage unsour weren t bad 
enough. And yet the people 
who give sauerkraut a resolute 
thumbs-down will plunge Into 
all kinds of ragouts of fish lips 
and pig’s unmentionables as 
long asthey are from the other 
side of the world altogether. 
Remember that the Rom ans 
were very fond of sauerkraut. 

Eastern European food is 
(without having to dredge up 
.an ideological reason) working 
-class. Now we may he told, or 
persuade ourselves, that classic 
Provencal food is working-class 
too, but we don't mind that 
because it brings to our minds 
the Mediterranean and holidays 
and the Roman Empire. But 
why don't we accept the food 
of the. north, where We live? 

Eastern European food is 
immensely ' beguiling in my 
imagination, - because I have 
never, been there. I spent a lot 
of time in Vienna where the 
cooking is metropolitan /cosmo- 
politan/ imperial and very towny 
—cafe food in fact, more so 
X think than Paris. But East 
European, hardly: I don’t think 
I had a dish- of red cabbage 
all the time I. was there. 

Other cuisines of poverty we 
are prepared to take to our 
bosoms. Look now at how 
Elizabeth David wrote about 
pizza in the 1950s as a rock- 
bottom Neapolitan fill-up. 
Where is it now? This staple 
food of the young and mobile 
Is fast, streetwise and delicious. 
But will borshh ever become 
streetwise? Or red cabbage 
with boiled pork knuckle? I 
bope it might, because it’s the 
kind of thing we could really 
do very well— ingredients to 
hand and no exotic skills re- 
quired. 

Perhaps it wfll come round- 
about from New York. AU that 
New York Jewish food is East 
European, Polish and German, 
in origin. Jewish dietary laws 
have imposed their dreary hand 
but. at tiie same time the New- 
Yorkery of it all has made out 
of these unpromising begin- 
nings food which is fast, 
snappy and streetwise. Oh, the 
latkes JV-d knishes and bllntzes, 
what kind of American oomph 
and self-confidence has turned 
these things into snazzy today 
foods? 

Their day will come, mark 
my words, and with the added 
bonus that after such a long 
and circuitous journey no-one 
will be able to say <{ this and 
this alone is the genuine 
article. 1 * 

With your money, you can 
choose the name. Danzig 
Corridor? The Greasy Pole? 
Over the Wall? Just sugges- 
tions. I think we’re going to 
have to keep it Cheap. 

Peter Fort 








•• J.-its 


Financial Times Saturday May 2 1987 


WEEKEN D FT _ XV 


WEEKEND FT REPORT 



'ODfS" 

4n > i 


CLOCKS AND watches provide an interes- 
ting market for all— the collector who 
wants to fiddle aronad with ancient move- 
ments, foe alternative Investor and foe 
person with an eye/lo fashion. Today we 
look ataUaroM Offois market, foe boom in 


wrist watches, foe fascinating world of foe 
-clock, foe developments in movement and 
style of foe quartz watch and foe battle 
between Japan and Switzerland and foe 
growth of chronometers after the sinking 
of a British fleet. 


s time goes duv 


THE AUCTION market for anti- 
que and period watches is going 
through . its fourth change In 
recent years. First it was early 
watches Cpre-2720 and there are 
Fewer around than there should 
be, partly because we melted 
down a lot of gold to pay for our 
Civil war and Louis XIV fol- 
towed suit to finance his war 

against Marlborough). 

Alter the early watch boom 
came a demand for decorative 
pocket and fob watches oT a 
later period, then prec is ion 
watches with their sophisti- 
cated mechanising. Bat -now 
while three three markets tick 
along nicely, the real new action. 
Is is the wrist watch sector. 

This has surprised a lot of 
dealers and experts. Roger "Lis- 
ter, who itas just joined Christ- 
ie's (South Kensington) to ns a 
new clocks and watches sector, 
says: “ X was a private dealer 
when the wrist watch boom 
began and some of ns missed 
out- They though it was a one or 
two year wonder, but it has gone 

Wrist watches can hardly be 
classed as antiques. They began 

around the turn ofthe century 
and sold .steadily, but not 
dramatically, unto 1914. Most 
experts agree that the first 
boom came with World War 
One— wrist watches were more 
convenient for soldiers, particu- 
larly officers, to wear In the 
trenches. The further growth 
period in' the 1920s and 1930s 
coincided with the decline of 
the waistcoat and, as a result, 
the decline of foe pocket watch. 

But even the later-produced 
pre-quartz wrist watches are 
fetching big prices. Philip 
Whyte, who with partner George 
Somle, has a shop in London's 
Piccadilly Arcade just up foe 
road from file Rite, points out 
that a man who looks on a watch 
as a decoration to his wrist can 
do much worse than look at the 
secondhand market 

For example, a new watch by 
Patek Philippe, the great Swiss 
maker, can be bought for about 
£10,000. But buy a secondhand 
Patek Philippe made in the 
1951b (almost the same design 
and is perfect wor ki ng orderf 
and he wjEQ pay about £4,409. 

Fabric PhHlipe, Rolex, 
VancheronGe ns tat m and a few 
other pxhne makers are the 


most sought after. It is ironic 
"that Patek PhUfipe recently 
paid over £100,000 at Christie’s 
Geneva tote to buy one of its 

watches back to ttislay in the 

company's museum. 

Movements in the watch mar- 
ket arc highlighted by the 
fKwwgei: at Christie’s. Its South 
Kensington offshoot has always 
sold clocks and watches at its 
periodic jewelry auctions. But 
Baser Lister’s appointment 
means the setting up -of a sepa- 
rate clocks and watches section. 
There will be monthly auc- 
tions - a price limit somewhere 
in the £3,000-£5,t«0 area for 
docks and pocket watches, but 
taking over afl wrist watch sales 
w foe London -area. South Ken’s 
first clocks and watches auction 
is set for June 11 with closing 
date for entries May 15. 

At Christie’s King Street 
headquarters in Mayfair, 

Alan Fairest on 
watch auctions and 
the wrist watch boom 

Richard ■Gaminere is planning 
A May 13 sale to Geneva. It 
includes such month-watering 
Items as “A Collection of 
Watches Made for foe Turkish 
Market— foe Property of' a 
Gentleman” with estimated 
prices ranging from £200 to 


In London. Sotheby’s Umbers 
np for a M ay .14 clocks and 
watches sale. A good range of 
wrist and pocket watches - 
Patek Phillipes, Vaucheron and 
other prime makers estimated 
up to £4,000 and some nice 38th 
And 19th century pocket 
watches. One Item that may sur- 
prise everybody is a 1830’s 
"Amusing Plant Pot Time- 
piece” - a plant in a pot with 
foe dace in foe centre of foe 
BOwer and the works in foe pot 
“We put it in for fori” says Tina 
Idler; Sotheby’s watches 
woman. Estimated price is £70 
to £100, but dealers in foe know 
think it wifi fetch rather more. 

. The pocket watch market was 
pot on its toes last year when 
C hri st i e’s add a Skh enam- 
xneted watch (dated around 
USD fas- nearly £709,000 at a 
Geneva sale. Bat there are still 


areas for more modest collec- 
ting -in the market The problem 
is -whether to restore or leave 
atone,.Rrobably “leave alone” is 
foe best advice for collectors 

and ‘ dealers in early watches. 
Richard Gardinere says: 
"whenever 1 get a phone call 
from- somebody saying he has 
got an 18th century watch In 
perfect working order I groan”. 

He means that the -watch prob- 
ablyhas a. 19fo century mechan- 
■ ism, which takes a lot from its 
value. Rarfy watches are best 
left atone or at least, with a 
minimum of restoration. Which 
raises foe general topic of 
restoration. Roger Lister says 
he is appalled by the condition 
of watches in British sales com- 
pared with items -sold in 
Switzerland, France or the US. 
“One of my ambitions now I’ve 
joined -Christie's is to improve 
the condition of watches in auc- 
tions,” he says. 

Philip Whyte, whose Pic- 
cadilly shop has a restoration 
service, says: “Yes, but its not 
just that foe continentals look 
after their -watches better. They 
restate them .before putting 
them on sale and that means 
that you have no options. Jt . 
could be better to buy a watch 
which is not in perfectcondition ! 
and then take it to a restorer. ; 
Then you can make up your own ' 
mind about foe nature of foe . 
restoring.” 

But whatever you do, the j 
watch market has several . 
attractions— wrist watches do : 
appreciate to value, but prob- 
ably only slightly over the rise 
in inflation. Rocket watches are - 
an alternative investment . 
Fashion and vanity dominate 
the market.. The history of a 
time piece is. of course, impor- 
tant Christie's to Geneva is sell- 
ing a gold and enamel watch 
made for the Empress 
Josephine and expects it to 
bring about £28,000. 

The gold watch carried by Sir 
Cloudesley Shovell when he 
sank a fleet off the Scilly isles 
(mentioned elsewhere in this 
report) recently sold for £2,400 
(£800 would have been the price 
if it hadn't belonged to him) and 
a watch that had been owned by 
Clive of India's enemy. Tippoo 
Sahib made £1,500 instead ofthe 
£600 usually expected for that 
kind of 18th century gold watch. 

Continued on Page XVI 


Watches 


Antony Thomcroft reports on antique clocks 


Solving mechanical 
mysteries in 
a difficult market 




: ■.••• er. 





— , 



ON APRIL 9th. in a furniture 
sale, Christie’s sold a Queen 
A one ivory japanned longcase 
clock by Daniel Quare for 
£220,000 to foe London dealer R. 
A. Lee. It provided foe con- 
firmation, if any was needed, 
that foe antique clock market, 
especially at foe quality end, 
had finally shaken off the de- 
pression of recent years. 

Christie's had put a £50,000 
top estimate on the clock bnt 
two keen buyers bid it up. For 
months there had been surprise 
that while 18th century English 
forniture had appreciated in 
price by leaps and bounds long- 
case clocks of foe period, of 
much finer quality, were out of 
favour. Antique clocks may still 
be under-priced but foe pre- 
judice against them is melting 
away. 

There is no doubt that antique 
clocks are a difficult market. 
The mechanical mysteries of 
their insides deter prospective 
buyers as much as the changes 
to their exteriors— often there is 
a long age gap between foe two 
in foe same clock. In addition 
the speculative investment in 
clocks to the late 1970s burned 
many fingers — prices in some 
sectors have only now reached 
foe levels of a decade or so ago. 
Finally there are worries about 
repair and maintenance. 

But the economic boom of re- 
cent years is prompting more of 
the newly enriched to buy au 
appealing clock for their homes, 
or, ideally, three — a longcase 
(rarely Grandfather clock for 
foe ball; a bracket clock for the 
drawing room; and perhaps a 
carriage for the bedroom. To a 
great extent this is not an invest- 
ment-minded market, and there 
are few collectors with, say, a 
dozen longcase clocks. Most en- 
thusiasts are content with a 
s mall collection which they con- 
stantly improve. 

Tins is what the trade likes. At 
the top end, represented by R. 
A. Lee, a group of committed 
collectors to whom It can pass 
on high quality clocks when 
they appear on foe market is 
preferable to a speculative 
business, flooded by newcom- 
ers. The trade dominates anti- 


que clocks, buying over 80 per 
cent or the auctions organised 
by Sotheby’s, Christie's, and 
Phillips; repairing the clocks; 
and then passing them on to foe 
public. They act as foe confiden- 
tial, expert, middlemen, 

although Michael Turner, of 
Sotheby’s, is quick to point out 
that foe salerooms can also 
advise new buyers on foe repair 
of clocks. 

The market splits into certain 
well defined sectors — foe 

serious, committed, buyer or a 
longcase clock is likely to find 
carriage clocks frivolous, and, 
indeed, they constitute a de- 
corative sector, perhaps more 
akin to silver candlesticks and 
golf suufT boxes than horology, 
and often sold abroad. Longcase 
clocks are foe heart of foe trade, 
pi least in foe UK, which intro- 
duced them to the world in foe 
J7fo century. It is here that foe 
makers name matters most A 
signed 18th centuiy clock, even 
by a minor maker, can be worth 
double foe value of an anony- 
mous longcase, and foe top 
names— Tompion. Graham, 

Knibb — command a consider- 
able pr emiu m. 

Richard Gamier of Christie's 
traces foe price movements of a 
Thomas Tompion longcase 
clock. Tompion, at his peak in 
foe late 17fo centuiy, is foe 
great name, but his prolific out- 
put of over 500 clocks makes him 
available to foe rich enthusiast 
Between 1945 and 1965 a decent 
Tompion might have risen in ' 
price from £5,000 to £7,000. By 
1968 it was seiltog for £15,000 at 
foe top end; by 1974 np to 
£20.000. 

Then foe market collapsed, 
with the Stock Exchange and 
prices ail but halved. By 2976 it 
had staggered back to £15,000 
where it stayed until 1982. It has 
since risen quietly to around 
£25,000. Of course exceptional 
examples fetch much more. The 
Mostyn Tompion, now in foe 
British Museum, was valued at 
Elm, and other examples have 
topped £100,000. 

You can still buy a late I7th 
century longcase for under 
£5,000. but it will be in doubtfhl 
condition. A good 18th century 


London longcase, in mahogany, 
might cost £3,000— more if it is 
by a desirable name, less if jt is 
made of oak. These are auction 
prices. Dealers charge more but 
offer better guarantees. There 

are only a few early 19th century 
longcases. but they can be 
cheaper. The style returned to 
fashion in the late 19fo centniy, 
with foe monster, seven foot 
high. Grandfathers, which now 
usually make around £1,500 at 
auction. There is a prejudice in 
favour of London makers, so 
most bargains will be found 
among attractive provincial 
longcase clocks ofthe 18th cent- 
uiy. You can still acquire an 
18th centniy longcase or some 
worth for as little as £1,500. 

Smaller clocks for the table or 
dresser present more of a chal- 
lenge. The very ornate ormolu 
French clocks of the mid 19th 
centuiy have gone out of 
fashion: perhaps the absence of 
foe Arabs as keen buyers bas 
prompted the fall rn price. A 
good example might make 
£3,000. but many cost much less. 
It is foe same with French car- 
riage clocks or the same period. 
The market has been flooded 
with reproductions, and taste 
has moved on to more austere 
clocks. A French carriage clock 
should be less than £300, 
although anything unusual — 
with porcelain or enamel trim- 
mings — will do well. 

While French clocks have de- 
clined In price to foe last few 
years English bracket and car- 
riage clocks (which are rarer) 
have risen in value. A mid- 19th 
centuiy English carriage clock 
by a good maker, like McCabe, 
could be worth £4,000 — 

Sotheby's has secured £12,000 
for one example. The rise in 
prices in recent months is bring- 
ing out more clocks but foe 
appearance or private buyers— 
British, American, continental, 
and, most recently Japanese — 
should ensure that the stronger 
market continues. Indeed a 
major complaint of recent years 
has been the paucity of good 
clocks— higher prices should 
lure them out _ 

Continued on Page XYI 


THE WATCH GALLERY 


1735 


LONDON 

The Watch Gallery Ltd 
129 Fulham Road 
London SW3 6RT 
TELEPHONE 01-581 3239 


Blanc paiN 

The '‘minute repeater” wristwatch 
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Bath. Avon BA1 1BF. 
TELEPHONE 0225 69326/ 


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Horological Consultant and Bookseller 


Since 1960 / have practised as a Consultant , supplying 
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This service remains available and is particularly 
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Terms on Request 

BRADB0URNE FARMHOUSE, SEVEN0AKS, KENT TN13 3DH 
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32a The Square, Winchester, 


8 full-time resident 
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XVI WEEKEND FT 


.Financial Times Saturday May 2 1987 


WEEKEND FT REPORT 


Into the 20th century 


THE SHORT, sharp shock deli- 
vered to the Swiss watch indus- 
try 10 yean ago by the Japanese 
has done nothing but good. A 
market characterized by com- 
placency and bound by traditio- 
nal marketing and maunfactur- 
ing techniques has been forced 
to make a timely entry into the 
late 20th century. 

Swiss watchmakers greeted 
the first quartz watches with 
equanimity. As one industry 
observer recalls, “they thought 
it was a gimmick that would 
soon pass.” Their complacency 
was not altogether misplaced. 
The original quartz exported to 
Europe, manufactured by US 
electronics companies such as 
Texas Instruments, was a crude 
LED (light emitting diode). To 
read the time you bad to press a 
button. This Swiss called “the 
world's first two-handed watch" 
— one hand to wear the watch, 
the other to operate it! The 
cheap timepiece, they believed 
would make no serious inroads 
into their traditional markets. 

As early as 1967, the Swiss had 
developed a quartz of their own, 
but rejected It as of keeping 
with their traditional standards 
of craftsmanship. 

The outcome Is watchmaking 
history. The Japanese made 
quartz their own, the market 
was flooded with cheap, stylish, 
reliable watches and the Swiss 
industry was in crisis, shedding 
45,000 jobs. 

Middle market companies — 
Accurist, Avia, Rotary and Tis~ 
sot — producing watches in the 
£30*£150 range were hardest hit 

The luxury watchmakers: 
Audemars Piguet Vacheron 
Constantin and Patek Philippe 
making exquisite, jewelled 
timepieces, costing upwards of 
£2,000 were insulated in a stable 
market with virtually no com- 
petitors. 

But in 1983 the Swiss hit back 


Allison Lobbett 
looks at the Swiss, 
the Japanese and the 
quartz watch 



Dunhill's Chronograph 
Watch 

with the launch of Swatch, the 
low-priced colourful, plastic 
electronic watch. To date nearly 
30m have sold worldwide. 

Ted Day, marketing director 
of Louis Newmark, Swatch's dis- 
tributor in the UK, says: 
“ Swatch altered people's ideas 
about a watch: from being a for- 
mal present, it became a fun, 
fashion accessory. " The indus- 
try began to look forwad to a 
time when people would have a 
watch for eveiy occasion from 
dancing to diving. 

But the revolution has not 
materialised as fast as antici- 
pated. David Roxburgh, market- 
ing manager of Timex, says 
“ Mu tUple ownership hasn't 


taken off to the extent we'd 
hoped. The market hasn't grown 
significantly and for every per- 
son buying a second watch, 
there's one bolding on to their 
old one. " 

Between 12 and 14m watches 
are officially sold in the UK 
every year, but black market 
sales could make that figure as 
high as 16m. A hundred million 
watches are in current use. So a 
trend which has emerged in the 
last two years is the gradual 
rejection of digital watches in 
favour of classically styled 
watches with hands (analogs). 

“Electronic digital watches 
are finished as far as the adult 
market is concerned, ” says Gra- 
ham e Brooks, general manager 
of Audemars Piguet. Their sale 
for £2.99 on every garage fore- 
court has irrevocably 
cheapened their image. 

The Japanese who invested 
far more heavily in digital 
watches than the Swiss are mak- 
ing a swift about-turn. Seiko, 
Japan's leading watch manu- 
facturer, shrewdly continued to 
produce only quartz analogs, 
but companies like Casio, which 
makes almost exclusively digi- 
tal watches, are in serious dif- 
ficulty. The Japanese still 
retain a 35 per cent share of the 
world market, but are losing out 
at the low-price end to Hong 
Kong and Taiwan and have 
nothing to compete with tbe lux- 
ury Swiss brands. 

“ There seems to be a 
psychological price barrier of 
£400 for a Japanese watch. It's 
rather like being asked to pay 
over the odds for a Ford," says 
Geoffrey Ashworth, general 
manager of the Swiss company 
Jaeger-Le Coultre. 

Today 80 per cent of Swiss 
watches are quartz, although 
the exclusive companies have 
continued to craft mechanical 
tim pieces, with some watches 


taking between nine months 
and five years to produce. 

Another trend at the top end 
of the market is for more intri- 
cate timepieces. *' There is 
enormous interest in the com- 
plicated watch," says Grahame 
Brooks. A number of leading 
companies, including Baume 
and Mercier, produce intricate 
chronographs whose dials are 
more like an aircraft instrument 
panel than a watch face. 

Audemars Figuet's Perpetual 
Calendar shows date, time, day, 
month and moon phases and has 
a tiny cog which moves once 
every four years for the Leap 
year. Retailing at £13,500 it is 
made of 18 carat gold and the 
company cannot produce 
enough to meet demand. Iro- 
nically it is Japan which is the 
biggest market for these minia- 
ture horologies! works of art 

The aggressive marketing 
strategy adopted by Swatch in 
the mass market has been taken 
up by other companies. Both 
Ebel and Seiko have invested 
heavily In sport to promote 
brand awareness. 

With watches moving towards 
fashion accessory status, one of 
the biggest growth areas is 
designer watches. DunhiZl. 
Gucci and Chrisian Dior sell 
exclusive quartz watches as 
part of a range of clothing and 
jewellery. Leading brands such 
as Burberry are introducing 
their own wristwatches to com- 
plement their clothes. 

Retailers are having to run to 
catch up with the changes. In 
the Fulham Road, The Watch 
Gallery is pioneering an 
entirely new sales approach. 
Sipping champagne from the 
complimentary bar, clients can 
choose stylish wristwatches 
from £35 to £30,000. 

Innovative, flin and chic with 
real fizz it symbolizes the state 
of the industry. 


Time to see 
a Sotheby’s expert 



An unusual electric dmepiece with painted glass chapter ring, 
sold by Sotheby's on December 18th 1986 for £2,300. 

Forthcoming sales: 

Thursday 14th May 

Clocks, Watches, Wristwatches and Barometers 
Tuesday 2 1st July 

Clocks, Watches, Wristwatches and Barometers 
Closing date for entries is early May 

Enquiries: Tina Millar and Michael Turner 

34-35 New Bond Street, London W1A 2AA 
Telephone: (01) 493 8000. Telex: 24454 SPBLON G. 

SOIHEBVTS 

FOUNDED 1744 


THE FACE of the watch indus- 
try in 1987 is multi-coloured, 
distinctive and above all 
fashionable. In the post-Swatch 
era when a company launches a 
fashion watch, the question 
‘does it tell the time?' is low on 
the checklist A more crucial 
consideration Is whether it 
chashes with the season's ‘in'- 
colours. 

This shift in priorities arises 
from two developments. First 
relatively cheap and highly reli- 
able movements are now freely 
available and watch companies 
can afford to concentrate har- 
der on packaging and market- 
ing. Second, the launch of 
Swatch not only revived the lac- 
lustre Swiss watch industry, but 
revolutionised consumer 

perception of what a watch was 

For the first time it was possi- 
ble for people outside the ultra- 
rich to own more than one watch 
and to buy them specifically as 
accessories. Not as an Item that 
would have to last for many 
years. The days of classic, 
utilitarian 21st birthday pre- 
sents have given way to the 
bright, the chic and the dispos- 
able. 

This in turn has led to a new, 
aggressive marketing approach 
as companies scramble to get a 
piece of the mu lli- watch owner- 
ship cake. 

Swatch itself; for from being 
outstripped by the imitators, 
has gone from strength to 
strength. Last year 800,000 
Swatches were sold in the UK 
alone. Its sales are worth 10 per 
cent of a £200 million British 
watch market. 

Ted Day, marketing director 
of Louis Newmark. Swatch's UK 
distributor, says **1116 market is 
still growing. We've seen no sign 
of it plateauing out' 

Day believes the Swatch phe- 
nomenon can be attributed to 
more than just timely filling of a 
gap in the market “Like the 
original Mini Minor, Swatch is 
absolutely classless and age- 
less. Anyone can wear one from 
an eight to an eighty year old.” 


Watches that are 
true to you 
in their fashion 


But there is- more to Swatch's 
popularity then happy coinid- 
dence. The company's market- 
ing strategy has been to time 
new range launches with the 
fashion industry calendar. Not 
to reflect trends, but to coincide 
with them. Like the leading 
clothes designers, Swatch has 
spring, summer and autumn/ 
winter collections supported by 
a £lm UK advertising budget. 

This year a range of blue pin- 
striped watches capitalise on 
the denim revival and a safari- 
style watch complements tbe 
khaki Out of Africa look. 

As with all great marketing 
success stories Swatch has 
eclipsed its status as just 
another brand name and, like 
Hoover, has become synony- 
mous with the product This 
gives it a huge advantage over 
competitors. 

As Day says, “A competitor 
would need to speed up to £Sm 
on advertising to build a reputa- 
tion to equal Swatch." 

But, undeterred, many watch 
companies have attempted to 
ride the Swatch wave with grea- 
ter and lesser degrees of suc- 
cess. The Japanese hit back 
with the launch of Lotus, their 
Swatch equivalent 

Last summer Timex launched 
its ' Watercolour ’ collection, a 
range of waterproof pastel col- 
oured wristwatches, sold as 
ideal for holidays and leisure 
wear. The watch retails at £20, 
undercutting the Swatch at £25. 

David Roxburgh, Timex 
marketing manager, says: “ This 
is our first venture into the 



Le Clip— the clip-on watch 

foshion area and has been very 
successful." But he adds “the 
best sellers do not tend to be 
way-out styles. The classic white 
watch is our top seller." Sold in 
Woolworth and W. H. Smith, the 
watch appears to be tapping a 
less self-consiciously trendy 
market than Swatch. 

The latest in Swatch-inspired 
spin-offs is Le Clip, a strapless 
watch it clips on to everything — 
from earlobes to bikini briefs— 
comes in over 20 colours and 
retails at £25. 

Le Clip’s creator. Swiss 
entrepreneur Michael Jordi. 
saw the success -of Swatch in the 
low-cost end of the market, and 
with an advertising and promo- 
tion budget of £800,000 launched 
the watch in Switzerland In 


June 1986. Over 300,000 sold in 
the first six months and the com- 
pany predicts . 1987 sales figures 
in excess of two million pieces. 

According to Jordi, Le Clip is. 
"more than a soundless, water- 
proof quartz watch — it Is a fUn 
fashion accessory, which gives 
time as a bonus.” 

Like Swatch. Le Clip plans to 
introduce new ranges to coin- 
cide with the foshion collec- 
tions. but industry watchers are 
sceptical about its future. 

Ted Day admits Jordi has 
•done a fantastic public rela- 
tions job', but says “It's a gim- 
mick that wont last Even 
foshion - watches need some 
utilitarian functions and .the 
public won't respond to s watch 
without a strap.” 

It is not only low-price end of 
the market which is jumping on 
the foshion bandwaggon. This 
month Tissot, the Swiss com- 
pany traditionally associated 
with classic watches, is laun- 
ching the Rockwatch. 

The watch has a granite face 
meaning that no two are alike, 
Derek Salter. Tissot' s marketing 
manager, says the Rockwatch 
marks the start of his company's 
drive to make innovative pro- 
ducts to appeal to the younger 
generation. 

“This- mid-range has not yet 
been folly exploited,” he said. 
At £13S the Rockwatch is hardly 
disposable, though its publicity 
slogan 'a colour to match every 
outfit,' suggests it is aimed at 
the multiple watch owner. 

Later this year, the logical 
step to bring fashion and 
watches even closer is made by 
Louis Newmark. There will be a 
launch of a range of Burbenys 
and Benetton watches, reflec- 
ting' the styles of those shops. 

With the prospect of watches 
on sale on every boutique -and 
designer clothes shop, 1987 is 
set to become the year when the 
flirtation between the watch 
industry and the foshion world 
became a marriage. 

Allison Lobbett 


Continued from Page XV 


What makes people buy and 
collect clocks and watches ? 
Leading auctioneers such as 
Christie's, Sotheby’s and Phil- 
lips see about an 80-20 presence 
of dealers and collectors at auc- 
tion, but they agree that doesn't 
present a true picture. A dealor 
may well be at the sale just to 
buy for one particular client 
Richard Gardiner at Christ- 


As time goes buy 


The best 
clock shop 
in the City 


Worth a lunch boor visit 

EE ta-hB Pangc. 
Chto^n sc/ 
RuUchl 
01-628 6749. 


ie’s says that most leading watch 
collectors are people who “ lead 
a mechanical way of life ”— doc- 
tors, dentists and engineers for 
example. A great collector was 
the man who looks after the 1 
voices behind Walt Disney car- 
toons. And there is a dentist in 
Switzerland who has just 
handed over his priceless col- 
lection to the Basle museum. 


Continued from Page XV 


This is why the movements of 
old watches are so important 
and why Gardinere groans when 
he gets that phone call. Another 
dealer' said: “ If you get a prime 
early watch with 19th century 
movements, it's like having a 
Rolls Royce with a Ford engine, 
and, let's foce it nobody wants 
that” 

Meanwhile, the wrist watch 


boom goes on, but only in men's 
watches. The theory is that a 
secondhand woman's wrist 
watch isn't exactly the gift to 
delight anybody’s heart Femin- 
ism apart the only women's 
watches that sell are those that 
can be regarded as a piece of 
jewellery. But who knows ? As 
time goes by. there could be 
another boom. 


Mechanical mysteries 


Prices seem to rise almost by 
the week. Christie’s bought in 
an English carriage clock, of 
around 1870. at £1,800 early last 
year. In November it sold it for 
£5,000. Small library clocks in 
particular are very desirable. Of 
course anything in poor condi- 
tion; which is a bad marriage 
between the mechanism and the 
workings in terms of date or 
style, or which is very common, 
will attract little interest 
Rarity is very important in 
this market In Sotheby's auc- 
tion on May 14 there is an ebony 
and black japanned year equa- 
tion timepiece by the late 17th 
century maker, J ames Clowes. It 
is unheard of to have a clock 


which goes for a year from this 
early date. Sotheby’s covers it- 
self by suggesting that the equa- 
tion work was added in the early 
18th century, but if a buyer is 
covinced that ths is the first 
year-going clock, and was 
actually produced in the 1680s, 
the estimate ofElO.OOO to £15,000 
could be for exceeded. 

You do not have to be an ex- 
pert on the mechanisms of anti- 
que clocks to be a collector. The 
days may be passed when every 
room in a house was incomplete 
without its timepiece but they 
are now much appreciated for 
their graceful design and hand- 
made precision. They can also 
be cheaper than the modern 


docks sold in the up-market de- 
partment stores. . 

If you want to buy an antique 
dock as an investment the 
traditional rules apply— go for 
the highest quality clock you 
can offord, by a respected name, 
in good condition. 

The experts think that the 
18th-century French docks, and 
the mid-19th-eentury highly de- 
corative ormolu docks, also 
from France, are under-valued. 
Electric docks of the early 20th 
century are coming into their 
own. But go to a good local deal- 
er, and take his advice. He will 
help you to furnish your home 
with an attractive, useful, 
appreciating friend. 





TtiE DUNHILL 
MILLENNIUM 
PRECISELY 



Patric Capon 

Fine Antique Clocks 
Marine Chronometers Barometers 



ROBIN A PARIS. 

A rare French striking table 
regulator, 0800 . 


PAYNE & CO. NEW BOND ST. 

A fine English carriage dock in a 
walnut and satkmod case. C1855- 



I offer a varied range of eighteenth and nineteenth century docks and barometers, please write 
or telephone for further details 

SHOWROOM OPEN WEDNESDAY AND 5ATURDAY 
350 Upper Street, Islington, London N1 - Tel: 01-354 0487 
or 01-467 5722 anytime 


3 HDLMS 8 

WATCHES & WRISTWATCHES 

At our two addresses you will find an interesting 
collection of Antique & Period watches, and Pocket 
Watches, Pocket Watch stands, Pouches and Keys. 



3HOLMSS 


29 Old Bond Street, 
London WL 


24 Bur lin gton Arcade, 
London WL 


The Dunhill Millenni um. Rebind the sapphire glass is a classic face 
which has been meticulously enamelled and highly polished to give a deep 

and brilliant lustre. 


Available at Alfred Dunhill, Duke Street Sl. James’s, 

S SI cane Street, Burlington Arcade. Harrods. Selfridges, Harvey 
Nichols. Watches Of Switzerland. Garrards The CrownJewelltTi. 
Mappin BC Webb of Knighisbridge and other lading jewellers. 


dunni 


WEEKEND FT 


R f. P O RT 


The Financial Times proposes to publish the following reports 
in the WEEKEND FT. 


MUSEU MS AND GALLERIES 
RETIREMENT HOMES 
BUSINESS BOOKS 
WINTER HOLIDAYS 
HOME HEATING 
PROPERTY ABROAD 


6 June 
13 June 
20 Jane 
12 September : 
12 September 
28 September 


For further detents about advertising please contact: 
Francis P hi l lips. Classified Sales Manager, Weekend FT, 
10 Cannon Street, London EC4P 4BY. 
Telephone: 01-248 8000. 

Tlo iin. Otic U4 fon Kim wf repara ore uqM U nun i 


i 'ha Ed line 


Take your time to 
choose your ATMOS 
then take your time 
to pay- — — — 


If you’re wise enough to invest in an ' 

Atmos, we're big enough to give you 
credit for iL A wide variety of thbse 
rare and exclusive clocks are displayed 
in our showroom for you to view at • 
leisure. All are available on our 
12 months INTEREST-FREE scheme* 
or 24 months at only- 12.7% APR. 

< Jaeger-leCouixre > 

ATMOS 

foranytprcoll occasion there trill never be a better time & buy mATMOS, the legendary dock that Bvet on aiK 






16 NEW BOND ST, MAYKAER, LONDON W1Y 9PF.TEL: 01-493 5916 

and other brandies in London, Birmingham Bournemouth. 

Cambridge, Oxford. CTasgow, Edinburgh ^ Cardiff 
•Cnafe arranged through g isufbif finacetanise oocLMbica to mtaa. Written qooMfaai 


‘iszmzz 



PETER K. WEISS 
Anti qua Clacks & Watch os 
Silver Vaults. 

18 Chancery Lane Safe Deposit. 
London, WC2A IQS. 

0*442 8100 343 7310 


Carriage Clocks. H a paa c H tt Watobas a 
saasMMjr 


jSsotmci ®rr 
Chirk (Shop 

36 High Street, BtrCpmotat, 

BN6 SRC. ftfcptoae (0273) 8320*1 
Ajufee* Clocks, Butncfcrt 
Ba M HrifatL Clocks purchased 

Opcnai haw* Tke- 4 JSl je Sm. 
Mf. 


Thomas Mercer 
Chronometers 

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nmamactrOB Mom i nn Umtml 

hi-Uiun/htrn ita* /,» j.- tJ^hothaH 

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Financial Times Saturday May 2 1987 


WEEKEND FT XVII 


WEEKEND FT REPORT 


!t! *• V:,-,.;, * '• I i. ’• 
['■ »»!,!." ' V- 

Li r.. ,, , u, »- 



Dnld Narwnfl -“IBto cooktn* and opera bat my ml hobby Is simply clocks " 


Rogar Taylor 


World of a clockwatcher 


INTEREST in clocks and 
watches began for David Newell 
as early as 14 when he was given 
a clock kit by bis father who, 
although a physicist by profes- 
sion, also enjoyed working on 
time pieces. Today, David, at 27, 
has hmlt up a solid reputation 
by Ms knowledge on not only of 
clocks, and timepieces but of 
musical clocks and automata. 
His range includes keeping in 
working order the 39 timepieces 
in fiie Wallace Collection, 33 of 
'which are on display. He is also 
the clock restorer for the 
National Trust in its properties 
in the Thames and Chilterna 


At weekends and during 
school holidays David was able 
to keep his enthusiasm alive by 
helping out a clock restorer in 


Shirley in the West Midlands. 
There, in what |s now the Old 
Clock Shop in the centre of Bir- 
mingham, he started more intri-i 
cate and delicate restoration 
under the guidance of Michael 
Durham. Two yean of mechani- 
cal engineering at Manchester 
Unive rsi ty^ Institute of 
Mechanical Rn gimwrtng only 
convinced him where his real 
interests lay and he left to take 
up being a dock-watcher, but 
not in any pejorative way. 

After a stint in a North Lon- 
don workshop, where he wide- 
ned his knowledge of musical 
boxes and automata, he moved 
on to his present workshop in 
London's Covent Garden pre- 
servation area. 

Lack played a hand in giving 
him an opportunity to take over 


the workshop. "By the time I 
came to Eliot and Metcalfe in 
Shelton. Street I had nearly 10 
years experience so that when- 
John Metcalfe went off to work 
in a museum in the United 


It was ' Jonathan Betts, 
horological conservator at the 
National Mari time Museum in 
Greenwich, active as adviser on 
clocks and watches for the 
National Trust, who suggested 


could easily sell at auction for 
£20,000. In New York a similar 
one was sold for about £40,000 
fairly recently. 


Arthur Dawson talks to David Newell, the 
man who keeps time for the National Trust 


He finds a very strong revival 
of interest today in musical 
boxes, carillons and automata. 
"There have always been col- 
lectors of course but the enthn- 
siam means that prices are ris- 
ing again.” 


Having a musical training 


helps— he used to play the viola 
and the piano— when tuning 


AUSTIN KAYE 
will buy all good watches 



Carfirr 

CSNnmftw 



^ 1 


lenOMLASSocMnON 

0FG0LDSMTHSM 





CBeL[%^l^Z| 




,£3000 



£2500 ' £3500 £8000 £1000 £2000 

Tbpprlces paid ftor classic watches up to amounts shown 
. . for fine example^ old and new in any condition 
Send watches or Jewellery by registered post or come in and 
see ourexpertsftnr&free appraisal 


01-240 1888 1 
01-2402243 


"AUSTIN KAYE^S 


COME Of FOR INSTANT CASH OK FKEMENT BY RETURN POST 



A solid hardwood 
Grandfather clock 



These Gnmtfulhcf tlnck* wv. rtw anApiCi of the 
future and are a*aflaMc ertfcer emnpfcic nr ra kit form 
with uD miiro. wcmMeti. wththc 

wood full* flawed. N«» wooUworkiAf tooh we required 
for assemMy other thun axrvwUrtmr snd nuHci. 

T|k iai«s ANtty list. VAT) now h 

■urc now Vl#r ni ft* JIT n» * .-how of rfchcr Cherry. 

Oak. Ot Block Wabwi hanlwo«Hfr. 

The lully utcnMcd and 

Ctwncscw from CI-feUKtac, VAT) nod am a tafl thy 
MwrutaAtee. ■ , 

' >m haw the vfeiiiw of h*y •aoc ooh. jtic 

.WKiKin only, nr the dock tuUv vMDibkd. a& Arlheied 
tnwor home.' , ' _ 

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h* S 3ft Mmute* to Sm onlay. AH tMpvcrnlit canh 
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{ 3§£$2 EMPEROR. 

W CWJCKOMM^NTUn> 



States 1 was given the opportun- 
ity to fafcg on the lease,” he 
said. 

He has since worked from that 
base with the help of an assis- 
tant, John Joseph who joined 
him in April John had taken a 
horological course at Chiches- 
ter. How did David come to 
know about John? " In our sort 
of job everybody knows every- 
body else, ” says David. Partly, 
that is bow he came to act as 
clock restorer for the Wallace 
Collection and the National 
Trust 

David is particularly 
enthusiastic about his work for 
the Wallace Collection because 
of his interest in 18th century 
French docks. It is his task to 
m aintain the clocks and m usi ca l 
clocks in working order. The 
maintenance of the cases is 
handled by their own expert 
At the moment David is 
just finishing working on a 
Joseph Knibb bracket dock 
made about -1690 in which the 
quarter repeating mechanism 
needed repairing and new 
hands had to be made. 


David as “ a suitable conserva- 
tive-minded restorer " to attend 
to the timepieces in the Thames 
and Chil terns area for the Trust 
Among the more interesting of 
the docks to be maintained are 
one or two of the English clocks 
in Fenton House, Hampstead, 
where one could possibly be an 
early example of a Trubshaw 
clock Other fine exhibits are to 
be found at Doraey Wood, Buck- 
inghamshire, the Foreign 
Secretary’s residence, where 
there is a French clock in a Blue 
John case, a curious Austrian 
ske l eton dock with drum /Hat* 
(about 1800) and a Maltese 
clock, described as “ rather 
fun." 


The links with Sotheby’s that 
were forged by Eliot & Metcalfe 
have continued. When rhlming 
docks or musical boxes come 
tip for auction they naturally 
fetch higher prices if in perfect 
working order and that is where 
David's skills are drawn on. 
“ Recently I worked on restor- 
ing a si nging bird snuffbox,”- 
said David. Thai sort of novelty 


carillons. Often bells are mis- 
sing, broken or replaced incor- 
rectly. “ You need some musical 
knowledge to sort them out 
again,” he said as he demons- 
trated with a carillon playing 
what at that moment was a jang- 
led unrecognisable tune. 

As might be expected his 
workshop is cluttered with a 
wide range of musical novelty, 
including a full size negro banjo 
player, to bulkhead ships' 
clocks so that there is hardly 
room to sit down. 

Although a number of the 
older clock restorers have 
expressed fears about the 
dearth of entrants into the pro- 
fession and the maintenance of 
standards, the enthusiasm of 
com parti ve young restorers like 
David indicate that the future is 
in safe hands. He is a Fellow of 
the British Horological Insti- 
tute. 

And what does he do as a 
hobby? “ Well I get pleasure 
from cooking and enjoy going to 
the opera or listening to it," he 
says, " bat you should say that 
my real hobby is simply docks.” 


'la collection' 

\&n Geef & Arpels 

Paris 


THE SPORTS WATCH 




Water resistant Steel, steel/go fd and g)W. Signed, like the most 
beautiful jewels of die world: Van Cleef & Arpels, Paris. 


VAN CLEEF & ARPELS 


LONDON 

153 NEW BOND STREET. 

TEL: 01-4911485 TELEX: 266265 


Aha available a fuD range of important jeweBety and boutique items. 


Are you interested In Old Clocks and Watches ? Join the 

ANTIQUARIAN HOROLOGICAL SOCIETY 


and exdoy the many Lectures and Events which are arranged for 
members as well as Books and the Internationally supported 
Quarterly Journal. 

Membership £13 (London £17) Demils from— 

The Secretary. New Bouse. High Street. Heehttrst, Sussex XSS 7AL. 
Telephone 185881 280 155 


Thoughts on a sea voyage 


Why Columbus didn’t 
know where he was 
for six months 


DURING A sea voyage we look 
at the daily postings of latitude 
and longitude content in the 
knowledge and skill of the navi- 
gator. We may know that the 
chronometer together with the 
sextant and “ The Nautical 
Almanac " once helped deter- 
mine the position of the ship but 
it is unlikely that we know any- 
thing of the history and romance 
behind it. 


Frances Wasteneys 
reports on the 
history and growth 
of the chronometer 
as a collectable 


We take it for granted that a 
navigator knows where he is. 
bnt history shows this was not 
always true. In 1493 Columbus 
on his ship Nina spent six 
months in total ignorance of his 
longitudinal position. 


In 170? the fleet of Vice Admi- 
ral Sir Cloudesley Shovell was 
wrecked off the Isles of Scilly 
with a loss of six ships and 2,000 
Lives. This made it imperative 
that a satisfactory method for 
determining longitude at sea 
was quickly found. 


International rivalry to find a 
solution was intensive. In 1714 a 
Board of Longitude was set up 
by the British Government “ to 
investigate all means by which 
longitude could be deter- 
mined." The first prize ot 
£20,000 was not won until 1764 
when a Yorkshire carpenter, 
John Harrison solved the prob- 
lem that had baffled Newton. 
Halley, Huyghens and Leibnitz 
with his marine chronomoter 
H4, his three earlier time pieces 
having proved too large and 
unsuitable for use at sea. HI, 
H2, H3 and H4 are exhibited 
still in working order at the Old 
Royal Observatory, Greenwich 
which was founded in 1675 to 
solve navigation problems. It is 
here where the world's largest 
collection of chronometers is 
kept. 

In 1765 Pierre le Roy of Paris 
independently invented and 
constructed a marine timepiece 
with nearly all the essential fea- 
tures of a modern chronometer. 
But it was John Arnold and Tho- 
mas Earnshaw who individually 
simplified Harrison's design 
and perfected the marine 
chronometer. They were also 
the first to make them in any 
quantity. 


Richard Gamier of Christie's 
explained, “the value of a 


chronomoter is in how long it 
aker. 


goes fbr, its date, and the mi 
with th exception of earlier 
ones where the maker is all 
important. 4 An Earnshaw 


chronomoter at auction would 
fetch anything between £5,000 
and £8,000 but an Arnold instru- 
ment would fetch more because 
his output varied and had more 
historical interest attached." 

Six years ago Christie's sold 
an Arnold chronometer that had 
been ordered by the Admiralty 
for Captain Vancouver's 
exploration of north west 
Canada. Later it went to Austra- 
lia with Flinders and then was 
re-issued to Captain Bligb, 
when he was appointed gov- 
ernor of New South Wales. 

During the Bounty mutiny he 
is thought to have hidden him- 
self (and the chronomoter?) 1 
under his bed. Bligh then kept 
the chronomoter for his own use 
and appeared not to answer the 
letters from the Admiralty 
asking for it back. When it re- 
surfaced in England its octago- 
nal box had been changed to a 
sqnare one. 

The change of the box might 
have reduced its value to £5.000 
but this was outweighed by its 
historical value. The collectors 
from Australia wanted it and 
the City of Vancouver. It fetched 
an incredible £39,600 and is now 
in the Vancouver Maritime 
Museum. 

Other lac tors can affect a 
chronomoters value, such as 
variety of design in the balance. 
Some makers have designed a 
balance to overcome both 
dramatic and minimal tempera- 
ture changes, so that the 
chronomoter maintains accu- 
rate time. 

Eight-day chronomoters are 
more popular for modem 
domestic use. They need only to 
be wound once a week whereas 
the more common two-day 
cbroDomter should be wound 
every day. A one-day chronomo- 
ter, in very good condition, 
could expect to reach £600 at 
auction, a two-day £800, and an 
eightrday chronomoter with a 
standard balance and. not in a 
brass bound box, £1^00-£2,000, 
and over £2,000 in a brass bound 


box. Cases with brass binding 
are very desirable. 

Chronomoters to avoid are 
ones which have been touched 
by bodgers; which have bad the 
top lid removed or replaced; 
those with the original move- 
ment in its bowl with a later 
gimbal and box; and with 
mechanical faults such as a 
broken detent, which can be an 
expensive repair. 


Richard Gamier believes that 
in 50 years chronomoters made 
today will be of great value as 
not many are being made. But 
they will never reach the price 
levels of earlier ones. Thomas 
Mercer of Cheltenham are the 
only company in the world mak- 
ing mechanical marine 
chronomoters, both two-day and 
eight-day, as chronomoter 
clocks. 


It was founded in 1858 by Tho- 
mas Mercer and is now under 
the direction of John Macken- 
zie. Although British ships navi- 
gate by satellite, using electro- 
nic chronomoters as fallback. 
Mercer Chronomoters is still 
supplying the American, Ita- 
lian, and Greek navy and are 
“ eagerly sought by mariners 
and connoisseurs of craftsman- 
ship." Prices range from £2340 
to £5,000. 

Forthcoming auctions: 

Sotheby’s May 14, Christies May 
27, Phillips June 9. 



An aristocrat of the clock 
market, a silver travelling 
clock sold by Phillips at its 
April 7 sale for £85,000 
(Estimated £20, 000-£30, 000) 



Their Time has arrived 



Geneva, 13 May 1987: Patek Philippe wristwatch with 
perpetual calendar. Estimate: SWJFr. 60.000-80.000. 


London, 27 May 1987: George IT mahogany month-going 
longcase regulator by George Graham, London, 1750, 
186cm high. Estimate: £3 0,0 00- £3 5, 000. 




Geneva, 13 May 1987: Important gold experimental watch 
with equation of time, indication of longitude at sea and 
on land, and a variant form of single pin-pallet lever 
escapement, circa 1785/6, signed on the movement 'Greppin a 
Paris, No. lere, 785' Estimate Sfr.50,000- 70,000 


London, 27 May 1987: Cold, minute repeating, keyless 
lever perpetual calendar split seconds chronograph, 
57mm diameter. Estimate: £ 10, 000-£ 15,000 



Fine quality clocks, watches and 
wristwatches of every period, axe now much 
in demand at Christie's salerooms in London 
and Geneva. This is reflected in the prices 
paid which have moved ahead strongly 


Forthcoming Sales of 
Clocks and Watches at Christie's 


during the past year. 

We are holding six important sales of clocks 


London 

London 


and watches before the end of the year and 
we are still accepting entries for those sales 
after May. (See rightj. 

For further information about buying or 
selling please contact Richard Gamier or 
Sam Camerer Cuss in London or Alain e 
Zammit-Cutajar in Geneva. 


London 

London 

Geneva 

(Hotel Richemond] 
Geneva 

(Hotel Richemond) 


27 May 

15 July — closing date 
for entries is 15 May 
7 October 
9 December 


13 May 


Chxisde's 

8 Place de la Taconnerie 1204 Geneva 
Teh (41221 28 25 44 Telex: 423634 



Early November - 
closing date for 
entries is 31 August 


Christie's 

8 King Street. St lames's. London SW1Y 6QT 
Tel: 1441) 839 9060 Telex: 916429 











1 


WEEKEND FT 


Financial limes Sataday May 2 1987 



Jprek Martin on a pundit’s 
view of his nation 

White House 


THE CYCLES OF AMERICAN 
HISTORY 

by Arthur M. Schlesinger Jr. 
Andre Deutsch. £14.95. 

498 pages 

EVERY NOW and then in this 
elegant series of urbane essays, 
Arthur Schlesinger Jr lets drop 
a secret which those who do not 
know his work as an historian 
might find surprising. This 
doyen of the eastern establish- 
ment biographer of Roosevelt 
and Kennedy who served in the 
latter's White House, hides 
under his liberal clothing a soul 
that is deeply conservative in 
one critical respect; when it 
comes to the American consti- 
tution and its most vital institu- 
tion, the Presidency, he believes 
in leaving well alone. 

It is a conservatism illumi- 
nated by a wit, style and 
breadth of knowledge that is 
totally persuasive. His inspira- 
tions remain those who gave the 
US its system of government 
and his b&tes noires those who 
have, in Ms view, perverted it 
Where he proposes radical 
reform — the abolition of the 
vice-presidency, for example — 
it is on the grounds that the 
office was misconceived in the 
first place and enshrined sub- 
sequently by one of the worst 
amendments ever perpetrated 
on the constitution itself. 

Though not the most impor- 
tant chapter in the book, Mr 
Schlesjnger*s deft combination 
of historical empiricism and 
terse contemporary observation 


CASTRO 

by Peter Bourne. Macmillan. 
£14.95 332 pages 

FIDEL CASTRO, the Cuban 
leader, once complained that 
the CIA had made 20 attempts 
to get rid of him. The CIA 
admits to only five; but cer- 
tainly there have been some 
hare-brained schemes cooked up 
over the years to eliminate this 
bogey-man for successive US 
presidents: ideas that have 
gone from impregnating his 
cigars with toxin to dusting his 
shoes - with thalium which, 
when Inhaled, would cause his 
beard to fall out. 

Yet he has survived these 
machinations and has had 
countless lucky escapes from 
death in a remarkable career 
from brilliant and wealthy law 
student, through guerrilla 
leader and revolutionary to 
now a rather melancholy figure 
as elder statesman of a jaded 
revolution, the outside world 
having overtaken him a bit like 
the ageing hippies of the late 
1950s. 

He has seen seven American 
presidents since seizing power 
in 1959 after the dictator Ful- 
gendo Batista fled, and has 
been in power longer than any 
world leader save King Hussein 
of Jordan. 

Larger than life, he has 
dominated and personified 


is shown at its best 

in discussing the vice- 

presidency. As he points out, 
since 1941, four vice-presidents 
have become President 

(Truman, Johnson, Nixon and 
Ford), three (Wallace, 

Humphrey and Mondale) have 
run for the Presidency, three 
others (Barkley, Rockefeller 
and Bush) have sought party 
nominations— M and the remain- 
ing post-war vice-president, 

Spiro T. Agnew, would no 
doubt have done so too had 
justice not caught up with 
him." 

The Vice-Presidency was 
indeed conceived before the 
fledging US had any concept 
of party and very little of 
national unity; its loyalties, to 
the extent they were dis- 
cernible, were more to the 
states. Curiously it was not de- 
signed to provide for orderly 
succession in the event of the 
death or Incapacity of the 
President. Rather it was con- 
fected to overcome localism by 
obliging the electors to vote for 
more than one person — the 
assumption being that their first 
choice would be from their 
native state. 

The original intent, however, 
in Schlesinger’s view, has long 
since been lost, even though 
the office per se seems rarely 
to have had value beyond that 
of the final stepping-stone to the 
presidency. Lots of the familiar 
— and not so well known quotes 
of hapless vice-presidents are 
paraded; a nice one is from 
one Thomas R. Marshall. 
Woodrow Wilson's number two, 



Fiction 

Sar ah Preston on the new Drabble novel 

F emale options 


Sr- ^ 


Vice-President who succeeded: Truman with FDR 


who liked to tell the tale of two 
brothers, one who went to sea, 
the other who became vice- 
president, and of both of whom 
nothing was ever heard again. 

More substantive is what the 
author sees as the severe 
damage inflicted on vice- 
presidents by the humiliations 
of the office. 

" Hyperactive men like 
Johnson, Humphrey and 
Rockefeller went into psychic 
decline as vice-presidents. 
Even more stoic types like 
Mondale and Bush recognise 
that they exist on presiden- 
tial sufferance . . . success 
In the office depends pre- 
cisely on the extent to which 
vice-presidents cease to be 
their own men." 

This fits rather neatly with 
the current assessment of Mr 
George Bush, best summarised 
by the cartoonist Garry 
Trudeau, in his Immortal 
sequence on how the present 
vice-president had put his man- 
hood Into a blind trust: not, Mr 
Schlesmger thinks, the h£St 
training for the most powerful 
office in the world. 

But the worst sin, in 
Schlesingar's opinion, is that 
the 25th Amendment to tiie 
Constitution renders inevitable 
the accession of die number 
two in the event the President 
dies (Kennedy) or resigns 
(Nixon). This is contrasted, 
unfavourably, with France, 


where, in 1974, a president 
(Pompidou) died and was 
replaced, in less than two 
months, by a fresh, duly elected 
new president The author 
thinks the merits of a special 
election, & la Francals, are 
overwhelming. 

On the presidency itself, how- 
ever the author of The 
Imperial Presidency takes sen- 
sible refuge in the dictum of 
Ralph Waldo Emerson: "in 
analysing history, do not be too 
profound fOr often the causes 
are quite simple." Put another 
way, Schlesinger finds little 
wrong with the institution of the 
presidency but quite a lot with 
the people who have occupied 
it, precisely the reverse of the 
popular theories of the 1970s. 
This enables him to approve of 
Ronald Reagan, whose politics 
he otherwise deplores and about 
whom he is intermittently 
deliciously scathing, on the 
grounds that, by some un- 
explained process, Reagan 
understood "the two indispen- 
sible requirements ” of the 
office: 

"The first requirement is to 
point tiie republic in one or 
another direction ... the second 
is to explain to the electorate 
why the direction the president 
proposes is right for the 
nation.” 

This was FDR's great achieve- 
ment and, Schlesinger argues, 
would have been John 


Man in Havana 


Cuba. As such he Is a rich 
subject for a biographer. But 
the task of biography is strewn 
with pitfalls, since he excites 
such partisan views. What 
could be more human and 
extraordinary than Castro, 
microphone in hand like a talk 
show host, interviewing for five 
hours 1,000 prisoners gathered 
in a stadium after the abortive 
Bay or Pigs invasion of 19611 
But equally Castro has ruth- 
lessly asserted his absolute 
authority, responsible for many 
of the very same political 
abuses for which he so berated 
Batista. 

Peter Bourne possesses good 
credentials having been to Cuba 
in 1960 as a curious young 
doctor, then having dealt with 
the Island first as a special 
assistant In the Carter White 
House and then as assistant- 
secretary general at the UN. 
He Mings both personal curio- 
sity, professional experience 
and his background as a trained 
pyschiatmt Although he has 
met Castro, he did not interview 
him for this book, which has 
permitted him to take his 
distance. The result is a sympa- 
thetic and balanced view of the 
Cuban leader that cuts through 
official historiography which has 


enshrined Castro and the Revo- 
lution in hero worship. 

The author convindngly 
demonstrates the importance of 
the psychological factors in- 
fluencing Castro from his home 
background. From his father, a 
former cavalry quartermaster 
with the Spanish army who 
built up a small fortune return- 
ing to Cuba as an immigrant 
farmer, he learned the virtues 
of hard work and single-minded 
dedication; and from his 
father’s harsh authoritarianism 
he developed a rebellious streak 
against authority. 

From his mother, originally 
his father's maid, he was im- 
pressed by the power of reli- 
gious faith. He was traumatised 
by the fact that he was an ille- 
gitimate child, and Bourne be- 
lieves this spurred his desire to 
achieve recognition. 

Castro did not start out his 
political career as a revo- 
lutionary or a Marxist, rather 
it was the advent of the Batista 
dictatorship which frustrated a 
parliamentary course and 
turned him to arms. But he 
early on saw his destiny as d 
national saviour, modelling 
hims elf on the Cuban hero, 
Jose Marti (also the son of a 
sergeant). Intriguingly, Bourne 


armies that a break with the 
US was Inevitable and even 
courted by Castro as a means 
of asserting Cuban nationalism. 
This overthrows a frequent 
argument that the US forced 
the course of the Cuban Revo- 
lution. 

He quotes a private letter 
written by Castro in 1958 after 
witnessing the effects of US- 
sopplled Batista jets strafing 
the countryside. 

"When I saw the rockets 
firing ... at Mario's house, 

I swore to myself that the 
Americans were going to 
pay dearly for what they 
are doing. When this war 
is over a much wider and 
bigger war will commence 
for me: the war that I am 
going to wage against them. 

I am aware that this is my 
true destiny.” 

The break with the US was 
possible only under Soviet pat- 
ronage. According to Bourne 
this was partly fortuitous— due 
to Khruschev's unorthodoxy 
and willingness to take risks, 
coupled with an unusual sym- 
biotic relationship that come 
dose to father and son. (Castro 
was devastated when he 
learned from the Associated 
Press that Khruschev bad with- 


Kennedy's had he been given 
the time. This was Reagan's 
strength and Carter’s weakness, 
even though the latter knew 
much more and worked far 
harder while Mr Reagan is “no 
student of public affairs." It 
may be, however, that the dis- 
interest in public affairs of the 
current president, revealed in 
ail its horrors in the past six 
months, is something which can, 
and has been, taken too far. 

But other modem accoutre- 
ments of the presidency, 
especially the vast staff retinues 
and the Isolation of the man 
from the public who elected 
him , do more harm than good, 
and the author enumerates 
them only too welL 

There is one final hero in 
Schlesinger’s pantheon — his 
father. Space does not re illy 
permit full explanation of the 
elder Schlesinger’s theory on 
the cycles of power in the US 
between conservative and lib- 
eral hegemony, except to point 
out that the theory, expounded 
first 60 years ago, predicted to 
within a couple of years the 
rise to power of Truman and 
Eisenhower, KennedyJohnson 
liberalism, and Reagan conser- 
vatism. Followed through it 
seems to suggest that progres- 
sive forces will not be bade in 
harness unto the early 1990s — 
which may be George Bash's 
best hope of a year or two in 
1600 Pennsylvania Avenue. 


drawn the famous missiles in 
1962). The Soviet leadership 
was initially sceptical of Castro 
and snubbed his Foreign Min- 
ister, Raul Roa, until 1971 for 
the latter's public criticism at 
the invasion of Hungary. 

Bourne attributes Castro’s 
formal embrace of communism 
in 1961 as a pragmatic move to 
win the trust of the Soviet: 
Union and usurp the ground 
from the Cuban Communist 
Party. 

Bourne portrays an uncom- 
fortable relationship with the 
Soviet Union — Cuba kept afloat 
through Soviet economic and 
military aid. yet humiliated by 
having to support the invasions 
of Czechoslovakia and Afghan- 
istan. On Castro’s ventures to 
promote Third World revolu- 
tion, the author acidly observes 
this offered the best avenue to 
project himself when he felt 
constrained and overqualified 
as merely the leader of Cuba.” 

It is an eloquent commen- 
tary on how history will judge 
Castro that two thirds of the 
book is devoted to Castro's 
early years: the most interest- 
ing and glorious. The achieve- 
ments in health and education, 
and restoring national dignity, 
must now be weighed against 
having mortgaged Cuba to a 
one-crop economy (sugar) at 
the end of the Comecon line. 


THE RADIANT WAY 
by Margaret Drabble. ■ 
Weideuf eld and Nicolson. 
£10.95, 396 pages 

LIZ, ALIK and Esther, says 
Margaret Drabble in an auth- 
orial sotte voice which some 
may find irritating, are 
among; yes, "the crime de la 
creme” of their generation.” 
They first meet in 1652, being 
interviewed at the Cambridge 
college which will bone to a 
fine edge their already sharp 
minds. By the end of the hook 
they axe all 50, still friends and 
having learnt perhaps that it 
takes more than logic to chart 
the dangerous seas of life. 

We are back in the t errai n 
of Margaret Drabble 's earlier 
novels, those In which she 
seemed to articulate with ac- 
curacy, tenderness and anger 
the impossible choices before 
a whole generation of graduate 
women, torn between the need 
for personal fulfilment and 
family bands. Even the name 

of the glum northern town, 
from which Liz and Brian, 
Alix’s present husband, both 
come, is North am, the same pro- 
vincial. haven, from which Clara 
in Jerusalem the Golden 
escaped. So have things Changed 
much since 1967 when, that 
novel was published? 

The width of the canvas has 
gr ow n with three central char- 
acters and all the husbands, 
children, relations, friends, col- 
leagues, lovers they have ac- 
quired over the years. Reading 
a Drabble novel seems as ever 
like looking at a picture by one 
of the more splashy pop artists, 
so rich a. collage does she 
assemble of the trivia which 
together help us to re-live and 
understand the past There may 
be a certain frisson to be found 
in recalling that Nescafe used 
to come in those canisters with 
lids yon prized off, even if 21 
line* seem excessive for a de- 
scription triggered by Mrs 
Orme's fairy cakes (the znade- 
leines of Northern?) 


- If the Drabble style remains 
in this respect tiresome, her 
ability to describe relation- 
ships is still superb, particu- 
larly those between women, 
support tinged with envy, and 
those between the generations. 
The monstrous old and sick are 
matched by the monstrous adult 
young. 

But have the heroines pro- 
gressed over the years in resolv- 
ing the problems of modem 
life? Liz is a successful psycho- 
therapist who appears to be 
singularly lacking in self- 
knowledge. An occupational 
hazard? Her eventual quest for 
the key to her past is simplistic, 
hut it serves to underline the 
theme that all three, although 
established middle-aged women, 
are still trying to find out who 
they really are. 

Alix has Cried two typos of 
husband, the impossible and 
glamorous who died young, and 
the good-hearted one who will 
see her through, both as unsatis- 
factory as her two badly-paid, 


but socially useful, parttime 
jobs. The most interesting 
woman of the three is Esther, 
an art-historian . who might 
have come from the pages of 
Anita Brookner, with her exper- 
tise on Crivelli and her sense 
of detachment which -has pre- 
vented her from commitment 
to either of the great Freudian 
imperatives, work or love. 

If there is a unifying thread, 
it is perhaps the way the 
trained minds of these women 
■serve them well but also pre- 
vent them understanding their 
emotions. The psychotic girl 
whom Allx teaches In prison 
and the almost psychotic 
Claudio in Esther's life are 
Indications of other ways of 
living. At the end of The Mill- 
stone we wondered if there 
would be life after children. It 
seems we will have to wait till 
Margaret Drabble reaches old 
age to find answers to the com- 
plexities she describes. It is 
doubtful whether they will be 
more than faintly optimistic. 



St v ' 

W * ..$#?' 

‘ r&i •**&&&* ' 




Margaret Drabble: life after children 


When the music stopped 


Robert Graham 


Up to a point, 
dear Papa . . . 


THE BEAVERBROOK GIRL 
by Janet Aitken Kidd. 

Gollins £12A5, 240 pages 

I ALWAYS thought that Lord 
Beaverbrook’s daughter, Janet, 
had more of her father in her 
than Ills other children. Here 
is a book which confirms my 
opinion. It is the autobiography 
of a spirited, independent- 
minded and highly intelligent 
woman telling the story of an 
energetic life that has certainly 
been lived to the full. If the 



I'ln-UI-TOI-M.VMI'SCni-.lKS'VIITH 



main character in the story, 
apart from the author, is her 
father, for whom her favourite 
adjective is “ unpredictable,” 
that is hardly surprising. She 
Is a loyal, 11 perceptive, 

daughter. 

She has also a robust sense of 
humour. As her story makes 
clear, she has needed it. Her 
first husband. Ian Campbell, 
heir to tbe dotty 10th Duke of 
Argyll, suffered from the delu- 
sion that the world owed him a 
living. He was a compulsive 
gambler and an inveterate loser. 


Sir James Goldsmith. 
Synonym for 
controversial, self- 
made billionaire; 

‘the most powerful 
predator in the stock 
market jungle’; among 
the ‘top 20* wealthiest 
people in the world 
today; renowned for 
his unconventional 
private life and 
flouting of orthodox 
business wisdom. 


(il-dmiKY \UNSl\l. 


Illustrated £12.95 
A memorable and revealing portrait of the maverick 
entrepreneur whose financial wizardry -and playboy Image - 
have made him one of the most buccaneering and controversial 
tycoons in history. 

A Division of the Collins Publishing Croup 


When he needed money, he 1 
stole. When be wife refused to 
give him money, he attacked 
her viciously. On their honey- 
moon he stole the diamond *i*d 
emerald tiara which she had 
been given by Princess Louise, 
widow of Ian's uncle. 

The second marriage, to 
Drogo Montagu, Lord Sand- 
wich’s second son, was scarcely 
more successful. Montagu 
could not resist the appeal of 
pretty girls. His wife suffered 
many humiliations, but usually 
found k easy to forgive him his 
infidelities. He had charm. The 
day came when she found a note 
propped np against a mirror. 
"Gone to Jamaica, darling, with 
Peggy. Back in a month." 

The third marriage, to Captain 
Edward Kidd (“Gappy”) of the 
Canadian Artillery, was blissful 
Three goes at marriage was 
, about the average in the Aitken 

family . 

The author lived the harum- 
scarum life of one of the Bright 
Young People. But It should 
be said that she had rather a 
special place in that world. She 
was Beaverbrook’s daughter, 
with access to that inner circle, 
known from the name of Bea- 
verb rook's country house, as the 
"Cherkley Set.” It was much 
envied, criticised and entrance 
to it much sought after. 

It took a good deal of 
strength of character to escape 
from the beguiling and 
glamorous circle of her father’s 
friends. Janet did it. 

Here then is the story of a 
woman who lived on the wilder 
shores of wealth during the 

years that led up to the Second 
War. Anyone who wishes to 
know how that half-forgotten 
age appeared to one who 
enjoyed it yet was never, it 
seems, deceived by it, has only 
to consult these candid 
recollections. 

George 

Malcolm Thomson 


Grey cells 


THE FRONTIERS OF 
PARADISE: A STUDY OF 
HONKS AND MONASTERIES 
by Peter Levi. OoUtos/Harvfll. 
£12.00, 224 pages 

PETER LEVI was a Jesuit for 
28 years. But this is not a book 
by a Catholic Insider explaining 
to outsiders— or even to fellow 
Insiders. For one thong he takes 
monks (and nans) to indude 
religious of all countries, 
Indian, Chinese and Church of 
England. For another, his 
stance, although sympathetic to 
monastic ideals, is above all, 
questioning, presenting few 
answers and more differences 
than general rules. At the end 
he prints his tong poem written 
in 1966 about Cistercian ruins 
in Yorkshire: 

The rrin has blotted out 

the stone. 

Ty to understand Its message. 

I take the stone’s life for 
zny own 

these rolna for a hermitage. 

Here is the serious purpose, 
the emphasis on language, con- 
tinuity and death. 

What the book offers Is a 
disorganised bat fascinating 
compendium of history, ideas 
and, above all, anecdotes. & is 
the opposite of sanctimonious 
— nuns, for example are likened 
to cats and monks to dogs. 
Monks, he tells us, started to 
India, nossfbly inspired by the 
oraxlmhy of the Himalayas. 
Hermits came before mon- 
asteries and were at first un- 
willing to give up their solitary 
suffering for community living 

Women always made good 
■nonks — even bearing in mind 
St. Theresa's famous outburst, 
"God preserve me from stupid 
nuns." But women were not 
always allowed to achieve the 


same degree of holy poverty as 
men. In Egypt St BHaria got 
round (Ms problem by posing 
as a man, which was only dis- 
covered at her ceremonial 
burial, st Symeon StyHtes who 
spent 40 years of the Fifth 
Century on top of a pillar, was 
not unique but encouraged 
many ni-ffly climbers, some of 
whom bad pflhn wide enough 
to house a chapel. 

The basic Christian monastic 
rule was laid down by St 
Benedict and inspired the Ufe 
of monasteries for tbe follow- 
ing 15 centuries. The disso- 
lution of the monasteries was 
merely an interruption in a 
continuing monastic tradition. 

However modem life now 
affects modem monasteries 
particularly since English took 
over from Latin. In Peter 
Levi's view, Cardinal Heenan, 
who was a monk until he amn* 
to Westminster, la little differ- 
ent in outlook to the Arch- 
bishop of Cantuxfeury. 

In a final chapter, Levi notes, 
“ Whether they [the mon- 
asteries] exist for their own 
sake, for the sake at the monks 
or the sake of what they mean i 
to the rest of us, is a question 
worth pursuing. Soon after, 
he pursues it himself, “ The 
monastery la a refuge from the 
world, a society of foe good, 
and an assertion of the values 
of the soul/ 1 but he then adds 
his own coda, "but one might 
wish to take refuge even from a 
monastery, if it were a success- 
ful Institution." Apparently Levi 
himself, finds more inspiration 
from moss-dad ruins. But he 
has written a surprising, stimu- 
lating book which quickly dis- 
pels any idea that a history of 
monks and xnms is likely to 
make pretty dull reading. 

Rachel Billington 


HEARTSTONES 
by Ruth Ren dell 
Hutchinson Novellas. £6.95. 

87 pages 

CUTS — 

by Malcolm Bradbury • 
Hutchinson Novellas, £&95, ■ 

106 pages '• - . * •• “ • • 

WAVES ' 

by Bei Dao. Translated by 
Bonnie S. McDougall and 
Susette Teraent Gooke 
Heinemn nn, £1L95. 232 pages 

BLUE ROCK 
by Jeremy Reed 
Cape, £9.95. 176 pages 

TWO THIRDS of the price of 
an ordinary novel, and 
attractively produced in a new 
series, with plenty of the pic- 
tures and conversations Alice 
(before she went down tfhe 
rabbit hole) thought essential to 
a good read. Century Hutchin- 
son's new series of novellas (or 
short novels) are a welcome 
sign that there is room for tills 
sort of fiction. 

Ruth ReadeU's Heartstones 
has Elvira and Despina, tone- 
deaf teenage daughters of a 
Mozartian mother, living a 
strangely stylised life with 
their academic father, the 
handsome Luke. Since what we 
leant of it comes from Elvira’s 
journal, and she is growing 
progressively weaker from 
anorexia, it seems an unreliably 
reported world in which sudden 
death plays too intrusive a part: 
a fall from scaffolding, mists 
slashed, finally a phial of 
cyanide that goes musing on 
the last pages. 

As Elvira grows frailer and 
t hinn er, Despina becomes 
fatter, coarser, more obtrusive: 
loving opposites, they stalk each 
other in a world of unacknow- 
ledged passions. Ruth RendeH 
creates a world, enters a weird 
ambience, more strongly and 
more originally thaw ever. 
Elegantly enigmatic, her house- 
hold of ghosts, menace and 
incestuous intensity is beauti- 
fully realised. 

Totally different (not 
surprisingly) Is Malcolm 
Bradbury's Cuts, supposedly an 
up-to-the-minute comment on 
today’s world but in fact an 
updated version of the recently 
televised Scoop. like Waugh’s 
Boot, a small-time writer is 
suddenly thrust by bureau- 
cratic mistake into the big-time, 

; and particularly into the 
terrifying circle of a manic 
press-lord. For Boot read 
Babbacombe, a diqgy academic 
used to writing unreadable 
books In a garden shed, and 
for Waugh’s terrible Lord 
Copper and his minions read 
the even grosser Lord Mellow, 
bead of Eldorado Television, 
and the recognisable Slaves he 
keeps around him. Working 
without a notion of what he's 
doing on a £10m epic, the vole- 
tike. Henry Babbacombe is 
whisked np skyscrapers and 
Swiss Alps, Into strange beds. 

Bradbury knows the form, tbe 
look of things, the clothes and 
frees and way-out conventions, 
the earner aderie that covers 
nothing (no feeling, no com- 
mitment). and is very funny 
most of the time on the. dif- 
ferences between ordinary life 


and media life; but the plot; 
form, characterisation, the lot, 
are all derivative. A very good 
read, nonetheless. 

Another novella comes from 
China, Bai Dao's Waves which, 
with a handful of short stories, 
-gives &v sad insight -into a 
country still tom by the horrors 
of the Cultural Revolution, still 
alarmingly unfree. A number of 
characters, old and young, edu- 
cated and simple, sympathetic 
and tiresome, mingle in a 
shadowy provincial place. A 
love-affair, tenderly begun, 
proves hopeless when it turns 
out the girl already has a child, 
a two-year-old brought up else- 
where. 

On the edges of this main 
action others live in half- 
expressed despair, remembering 
ft quite recent past in which 
parents committed suicide, and 
Red Guards swarmed over the 
house smashing furniture. 

The author, now nearing 40, 
allows us a disquieting peer 
Into what seems Hke a spiritual 
abyss (his own or his society’s?). 
There is no ringing rhetoric, no 


cheering message or immediate 
hope; but at least his chUl pic- 
ture of present-day china has 
been allowed translation and 
readers outside, which says 
something for the new freedom. 

Jeremy Reed is a poet of 
some renown and certainly more 
than promise, but as a novelist 
he seems to me half-irritating 
as well as half dazzling Blue 
Rock is an experimental novel 
in technique hut written In so 
straight-faced a way that; discon- 
certingly, it makes one expect 
reality— or at least realism. 

What it seems to be about Is 
tiie superimposition of one 
reality upon another: a fictional 
character taking over his 
creator, an anima l inhabiting 
a human, the cry of a fox be- 
coming that of a person in ter- 
ror, a psychiatrist taken over by 
his patient, the sexes inter- 
charging, boy becoming girl 
then being recognised as boy, 
and so on. Sometimes this is 
finely achieved, sometimes not. 

Isabel Quigly 


Bubbly times 


THE ENGLISH SEASON 
by Godfrey Smith. Pavilion 
Books with Veuve Clicquot. 
£14£5, 192 pages 

THE TRADITIONAL English 
Season was short It began in 
May and came to a close in July; 
wealthy parents had just a few 
short weeks to launch their 
nubile young daughters upon 
the marriage market. The last 
debutantes were presented at 
court in 1958; that marked the 
and of the official London 
Season; but for many, although 
finding a husband may no 
longer be the name of tbe game, 
the Season goes on. 

Godfrey Smith has written a 
humorous guide to 23 social 
events that make up the Season 
nowadays. He indudes Derby 
Day — a spree on Epsom Downs 
where tiie " have-nots ” can see 
the “haves" at play because 
the Downs are open to all, even 


The Last Night of the Proms, 
and, of course, Buckingham 
Palace Garden Parties, Royal 
Ascot, Wimbledon. The Season 
seems to become more popular, 
more classless with every year. 
It now stretches for a fall 12 
months offering a cornucopia of 
diversions in one continuous 
cycle, 

The book Illustrates how, 
clearly, the London season 
Isn’t quite what it was, but that 
it is here to stay. It still offers 
a chance for the wealthy to 
parade their wealth, the privi- 
leged to flaunt their privilege 
but it also offers the oppor- 
tunity to dress up or down, to 
drink magnums of champagne 
or too much beer, to gossip 
with friends or clinch businem 
deals with clients, to meet 
stars or mingle with the Royals 
and to enjoy a lavish picnic or 
share a hag of fish and chips. 
The Season is whatever yon 
choose to make in 

Luanda de la Rue 


BOOKS OF THE MONTH 

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“Sex” at -Work" — - The The Beckman Barbican 

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Organisation Sexuality c ~ aae*m«n 

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ttanaMIfa ®r8*niea- lncr*««*s, Financial Secrecy, Bond 

Mona! life Interrelate. Market Forecara. Short Semna. 

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1 





WEEKEND FT XK 


*> M:,v . 
• - 


Financial Times. Saturday May 2 1987 


ARTS 


no\- c i 


Michael Coveney on the influx of international theatre this summer 


>n s The foreigners are coming! 


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ON MONDAY week, Eugene 
O’Neill's The Hairy Ape opens 
in the National Theatre’s Lyttel- 
ton auditorium and sets the 
Internationalist mood of British 
theatre this summer. The pro- 
duction comes from Berlin's 
ScbaubUhne Company— last seen 
here 10 years ago in a stunning 
version of Gorky's Summerfolk, 
directed, as is The Barry Ape, 
by Peter Stein— and Inaugurates 
a series of short Visits to the 
South Bank hy. leading foreign 
companies. 

This season, like the Edin- 
burgh Festival in August, is a 
showcase for established com- 
panies and takes up the work 
of Sir Peter Daubeny’s World 
Theatre Seasons at the Aldwych. 


initiated by Thelma Holt at the 
NT in spite of the overriding 
indifference in the British, 
theatre community to the work 
of other nations. Frank Dunlop, 
the director of the Edinburgh 
Festival, is also a committed 
internationalist (as indeed was 
his underrated predecessor John 
Drummond); he wag honoured 
as such the other week by the 
International Theatre Institute, 
albeit a somewhat- toothless - 
organisation in Its British in- 
carnation. 

Between the NT season and 
Edinburgh, however, comes the 
fourth biennial London Inter- 
national Festival: of Theatre, or 
LIFT, which, for three weeks 
in. July, will . bring a programme 
of fresh, lively and Innovative 
work to course through the 
veins; of London theatreland, 
from the Royal Court to the 
ICA. from Docklands to Kew 
Gardens and Battersea Park. 

-Bringing international theatre 
to Britain is • a hair-raising, 
underfunded business depen- 
dent an diplomatic relations, 
the-, companies’ own touring 
schedules and priorities, and 
hectic sponsorship drives. As 
David Murray reports on this 
page, Mercedes Benz is as much 
behind the Schaubttbne’s visit 
as is the NT- — its portion of 
the cost is £60.000, the NTs 
£70,000. But the NT has no 
budget as such for the event 
so Miss Holf, needing £0.5m. 


IT DID NOT need a 750th anni- 
versary to make West Berlin 
a showcase of European culture, 
though perhaps -Oils year there 
is even more of it about than 
usual. As befits Its- Place in 
the middle of that showcase. 


has .exploited the visitors’ 
superior finances and such reli- 
able acquaintances from her 
Bound House days 8s Robert 
Maxwell and Cyril Stein of Lad- 
brokes. The former's connec- 
tion with the Great Britain 
Sasakawa Foundation has 
assured £50.000 for the Nlgawa 
Japanese troupe coming later 
In the year; the hitter is accom- 
modating about 400 people in 
his hotels for less than half 
rates. 

The Edinburgh Festival has 
£2JSm to spend and deals with 
each company on separate 
terms. Most of the visitors in 
effect pay to appear at Edin- 
burgh, . but Mr Dunlop does 
stress that he sees the grant 

nff * Tnannu tA Viftth . “Irnnrv mast’ 


prices low and internationalism 
possible.’' The aim is to bring 
great artists uniquely to Edin- 
burgh, but reality often com- 
pels taking what the circuit 
offers. Still, anyone -who has 
never seen the ancient Gorky 
Theatre of Leningrad produc- 
tion of. Tolstoy’s Tale of a 
Bone Should on no account 
miss it at Edinburgh this year. 
The same goes for the recent 
Dublin Gate revival of Juno 
and the PagcdcfL And any visit 
of the 1 Bodmer .Ensemble is 
welcome, whatever its state of 
ideological and artistic dilapida- 
tion,. ■ 

The Ensemble’s visit to the 
Palace Theatre in London, 1956, 
wan an event at least as momen- 
tous as Look Back In Anger in 
the same year. The British 
theatre of late has been imper- 
vious to foreign influence, 
except in the more avant garde 
reaches of activity. But even 
the European avant garde cir- 
cuit is new drifting away from 
these shores. So LIFT'S pre- 
sentation of one of tiie most 
important groups, Epigonen of 
Belgium, takes on a great sig- 
nificance; as the recent ICA 
season "Homework" . demon- 
strated, the spirit of many new 
theatre artists is wilting,' but 
the conceptual context, the 
theatrical flesh, is often weak. 
And you can attend the 
National or the RSC fpr an 
entire year without sensing t.fcs 


theatrical world outside, not 
even a fingerprint 

Money, or lack of it, is often 
riven as an excuse for our 
insularity, but Welsh National 
Opera’s initiative in inviting 
foreign directors, including 
Peter Stein, to work within 
budgets has exploded 
that canard; when I met Stein 
in Paris Just after he had 
received the Welsh invitation, 
be was adamant that he agreed 
to come here, . was dying to 

come here, regardless of fees. 
Of course, internationalism in 
the performing arts for its own 
sake is . not worth a light, and 
critics are often guilty of 
indulging in Up-smacking 
travelogues unmindful (as 
Kenneth Tynan was never un- 
mindful) of relating their 
experience . to our own culture 
and thus, in a curious way, 
making the gap even wider. 

The showcases of Edinburgh 
and the NT season will only 
transcend a sort of cultural 
curiosity value if our theatre 
and its audience first of all 
responds to, and then learns 
from, them. 

Thelma Holt at the NT suffers 
from few educational delusions. 
"We have deliberately avoided 
a pioneering season this time; 
it is safer to produce, in effect, 
a NATO conference of theatre 
and hope to be more adventur- 
ous next time.” Her immediate 
concerns are more practical. 
She has to find 10 extra welders 
and six more flymen to execute 
the great demands of Lucio 
Fanti’s set, and a couple of 
extra- beds in her own apart- 
ment to put up the Schau- 
bQhne’s administrators. 

LIFT, dynamically admini- 
stered . by its founders Lucy 
Neal and Rose de Wend Fenton, 
both Just about 80 years old, 
focuses much more on the 
ficruffily exotic con temporary 
scene. In a way, LIFT also repre- 
sents a seam of work that exists 
for much of the year under our 
noses — at the Chapter Arts 
in Cardiff, at the ICA, the Place 
and Almeida in London — but 
which is usually overlooked by 
those critics anxious to extol 
tiie more incontestable achieve- 


ments of Europe's roaster 
directors. 

As at the NT, the cost of the 
season is about £0.5m, a figure 
made up of £280,000 in grants 
(from Westminster City Coun- 
cil, the Richmond Scheme, and 
the Visiting Arts Unit — which 
is channelling about £100,000 
of Government money into 
LIFT, twice as much as they're 
giving the NT); £125,000 at the 
Box Office; and £80,000 in spon- 
sorship, half of which is so far 
raised. 

LIFT offers champagne re- 
ceptions and designer stocks to 
its friends and sponsors and its 
young directors are as skilled 
as Mss Holt In gleaning sup- 
port from the gre at an d good. 
Lord Gowrie is UFTs chair- 


Ashcroft, Lady Daubeny and 
George Melly, the sponsors to 
date are the Baring Foundation, 
IBM, London Weekend Tele- 
vision and Price Waterhouse 
among others. 

The LIFT programme may be 
less predictably “excellent'’ 
than the NT’s or Edinburgh’s, 
but it does reflect, probably 
with more immediacy, the more 
raucously political and orgiastic 
elements in today's theatre, as 
well as the more cerebral per- 
formance manifestations. There 
is an air, too, of productive 
collaboration: Pip Simmons, a 
waning guru on the British 
fringe, comes back to work on 
a Vietnamese Boat People pro- 
ject that will travel up the river 
from Tower Hamlets to Brent- 
ford; a Yoruba travelling 
theatre piece has been commis- 
sioned from Nigeria; a Catalan 
The Tempest, with fireworks, 
devils and waterproof survival 
kit for the audience, will 
explode around the refurbished 
Playhouse in Charing Cross; a 
Mexican Domna Giovanni will 
feature six female nude 
debunkers of male sexuality; 
the incandescently brilliant 
New York revue The Colored 
Museum, black experience as 
satirical minstrel vaudeville, 
comes from Joe Papp's Public 
Theatre to the Royal Court 

After years of textual and 
Intellectual puritanism, a dis- 
torted legacy of that Berliner 



A Mexican production of “ Donna Giovanni," one of 
the many theatrical offerings from overseas to come 
to Britain this year 


Ensemble 1956 visit, our theatre 
needs once more to lose its 
inhibitions, its virginity, its 
high-falutin sense of import- 
ance and integrity. LIFT can 
help open a few doors. In the 
long term, the open-mindedness 
of Frank Dunlop and Thelma 
Holt may well, together with 
the LIFT initiatives, lead to a 
new upsurge in native work, a 
renewal of those experimental, 
physical imperatives in theatre 
that are too often buried 
beneath textually obsessive 
decorum or else frittered away 
in anaemic dance drama 
approximations of what Robert 
Wilson and Pina Bausch were 
doing 10 years ago. 

• NT International Theatre 
1987. 

May 11-16 Sehaub&hne Com- 
pany of West Berlin in 


(Weill's The Hairy Ape. 

June 10-18 Royal Dramatic 
Theatre of Stockholm In 
Shakespeare’s Hamlet and 
Strindberg's Miss Julie. 

September 18-26 Nigawa 
Theatre Company (formerly 
tiie To-Ho, of Japan in Shake- 
speare's Macbeth and Euri- 
pides’ Medea. 

October (dates to be an- 
nounced) Mayakovsky Theatre 
of Moseow in Boris Vasstiiev*s 
Tomorrow Was War. 

• London International Festi- 
val of Theatre. 

July 13-Augnst 1 Bookings 
and Information td 01-379 
0769. 

• Edinburgh TnfprnnHonnl 
Festival. 

August 9-29 Bookings and 
information tel 031-255 5756. 


Berlin’s cultural showcase 

Massage , warmly received here It puts a- premium on mime and running jokes and broad revue- dozens. Act 2 scene 


the Schaubflftse am Lehniner n ? r Ion £ ago^ Js - enjoying a gesture: in both the produc- 


Plate mounts a notably inter- 
national repertoire: last month 
it had been -playing : O'Neill's 
The Hairy Ape (soon to visit 
our National Theatre u part 


r successful run in trans- tions I saw, the words were tiie 
). The SchaubOlme, how- least important element 


transpires 


opaquely titled “Kitchen/ 
rather Laboratory”. On the right a 


ever.., has quite spec 
tions: not only its 


.slowly, but is .enacted with the housewife mimes dishwashing 


dal attrac- Wilson’*-- Oeath, Destruction ^utmost precision.' Most -of - the on a plain table, while foe stereo 


our National* Theatre as part company, its bold repertoire another show in another place the time. DD&D II has a quasi- foe real thing; on foe left a fe- 

of the Mercedes Ben* Festival its pmarkable director -—is Just the kind of invention musical structure (the actual male creature with a glittering 

of German Arts), a four-hour Stein - ojrt buuton for which the SdumbUhne is music is just background), with red chain suspended from one 

RoMrt Wilson show created for «P <a its component designed. It happens cm am four “cyclical” returns of earlier wrist emergers, little by little, 

it and a' Pirandello triple bill, theatres to be : radically re- sides of the audience, who sit images in the long dying fall, from a ruffled pink cocoon, 

with late-night readings of foe shaped for each show, with high for the occasion on rotatable Some of ns detected a dwind- The two ladies conduct a corn- 


excellent and Detroit TI—DD8tD 


audience was riveted some of soundtrack perfectly reproduces 


Bobfcrt Wilson show created for eompo 

it and -a' Pirandello triple bill, theatres to be xadicaUy 
with late-night readings of foe shaped for each show, with 
complete Thousand and One technology always ready 
Nights which have been going band- • • • 

on since January. A natural result is 

The more conservative Schil- Scbanbflhne passion for ex 
ler-Theater maintains a Solid ing and exploiting total ti 
reputation, and the lively Ber- rical space. That can 
lln fringe is alert to what goes naturalistic, expressionist 
on elsewhere (Michael Wilcox’s fantastical, but for the * 


"cyclical” returns of earlier wrist emergers, little by little, 
images in the long dying fall, from a ruffled pink cocoon. 


Some of ns detected a dwind- The two ladies conduct a corn- 


technology always ready to seats, little triangular wafers on ling of good Ideas in the latter petitive comic duet of sniffs, 


band. - 
A natural 
Schanbdhne c 
ing and expli 


poles amid a maze of hand-rails, half. virtuosos theatre. From foe pro- 

result is the • At foe start all walls are Studying foe programme gramme one discovers that foe 
ision for explor- shrouded .by a canvas Berlin afterwards — Schaubfihne pro- second lady is a “ bleeding 
Ing total theat- WalL When it lifts, the action grammes cost about £2.50, but mouse ” — but it would take an 
That _ can be on the “front” stage some- they give you all foe raw archaeologist to unearth foe 
Rpvessionist or times runs over to foe peep- material: text, history, pro- originally intended sense. Part 
for the actors show side-stages, which may ducer’s work-notes — one dis* of foe shows show is what you 
instead boast their own happen- covered the oblique relation watch, in a Dadaist spirit, and 

I ings — sometimes in cross- between Wilson’s beginnings the rest is what yon read foe 
theatre . counterpoint, some- and his ends. He starts with critics saying about it later. 


virtuosos theatre. From foe pro- 
programme gramme one discovers that the 
bfihne pro- second lady is a “bleeding 


is alert to what goes naturalistic, expressionist or times runs over to tiie peep- 
er® (Michael Wilcox’s fantastical, but for the actors show side-stages, which may 

instead boast their own happen- 


ings — sometimes in 
theatre counterpoint, 


Radio 


times independent. At the back literal sketches 


possible Certain Images stick fast and 


there is a monologuing man stage-images, sometimes with a contribute disproportionately. 


On foe “Bridge over River,” an 
image of dispossession and 


Dear ‘bin end’ 

THE LITTLE PLATOON, Chariton's . wprk, with appro- 
Michael Chariton’s new series priate commentary from the 
that began oh Radio 3 on Run- appropriate people. The pro- 
day afternoon, is aboutfoe con- ducer is Gathy Wearing, 
fiict In tiie Falkland* • Islands, Two other promising series 
but is not about the recent begin list weekend. Crime and 
fighting. It is likely that a lot Punishment is confined to foe 
of people’s feelings are going long waves of Radio 4 on Sun- 
to be hurt; for 1 our claim to the day afternoon. The first pro- 


going up and down in a lift, literary inspiration, perhaps On foe “ Bridge over River,” an 
and Chinese-epic echoes, and with an actable action attached, image of dispossession and 
for one scene — memorably — These get realised in rehearsals directionlessness, Tina Engel 
the entire troupe scaling foe while the all-important stage- presents marvellously a woman 
wall hi mountaineers’ gear. building goes on. Where an who continuously searches her 
Kafka i* somewhere behind actor devises something In- bag for essential treasures, and 
most of this, and even gets re- triguing in its own right, it may continuously drops more than 
cited iii the foreground. But he incorporated. Eventually she finds. It is drawn out to 
there is no narrative con- such vivid bits may quite con- Wilsonian tragicomic lengths, 
tenuity; the sequence of events ceal the original donnde; Wilson but every moment is foe real 
includes pure animated design, seems not to mind. This is foe thing. 

social caricature, close-fodus theatrical acme of laid-backery. Stein's production of The 


social caricature, 
repetitious actors' 


closModus theatrical acme of laid-backery. Stein's production of The 
exercises. One example must serve for Hairy Ape deals chiefly in 


Falkland* is not beyond dispute, gramme of six- was mostly about A PRINT of that most famous 
and as recently as 1968 the then prisons, and very discourtrghiF of- Victorian photograpbs-=- 
responsible minister. Michael it was. Oar regular prison Isambard Kingdom _ Brunei 
Stewart, told the House of Com- population fa about 50,000, standing complacently in front 
mons that we were prepared to many of them three to a one- of the launc h i n g chains of his 
recognise Argentine's sever- man cell. The proportion of magnificent creation “The 
eighty " at a date to be agreed.” our population in prison is Ftetern ” in 1857— sold 


The FaJWands are what Chari- higher than any other European 
ton described as one of foe nation, roughly the same as Tor- 


“bin ends of 1 
are not of great 


ire”; they key- 

ie, and (as According to thte programme, 


magnificent creation “ The 

'Great Eastern” In 1857— sold 
for £22,000 at Sotheby's yester- 
day, a record for this particular 
image. -It Was a fitting climax 
to an amazing week in foe 


Hectic activity 
in salerooms 


we discovered) Very expensive * survey showed that 30 per I salerooms which saw records 


to defend. 


.end. cent of young men born in 1953 for Strad viotins botanical 

Michael Stewart’s announce- have by the age of 28; had a cri* books, Chinese snuff bottles, 
meat to the House Caused Such mioal conviction for an indict- Scottish paintings, and what 
a storm of opposition that tiie able offence. The government you will. 

Falkland* fsflw changed eflafac- « bufletog prions all dvfcr the Next week the salerooms in 
ter. NAotiations had been place, but If offences and sen - London have a quiet time, leav- 
going on, quietly, since foe tenceS go « arae pwett rate for it to New York to make foe 
Argentines had raised tiw ** headlines. Most interest will 

matter at foe United Nations W w mWa « foe nw* centre- on two corporate auo 


[I be as fall as at pre- 
foe middle of the neat 


jn 1965. The then Labour decade ^ Hng fr Ptyor-Jones was I tions. When the Gilman Paper 
Government «W antwoWhial I Company moved to new head- 


in outlook and 
to see any 


unlove so&O WnOof tadepen- 

* *“ tbSn*S SSttZ to 

The difficulty w th»t nego- *^**^2.** 

?*sww«saa srSs=QEs 


Company moved to new head- 
The o foer senes te a kind of quarters in the Time-Life build- 
Penguin version of Fows Book ing in New York in 1974 it 

asked PJerre Apraxine, former 
invented by Colin McLaren des- tnmtot at the Museum of 

SBiJt SI?* Mi,dera ■ to advise it on buy- 

£ *•*■! kg art to decorate foe building 
ana too he&vy. sna the two of mm enhance the environment, 
them go through its contents to ^s over foe company 


SSL 1 * 


r in this case Howard Gilman, 
“ happened to like art, too. 

rr Between them they built up 
_{? probably foe most progressive 
corporate collection In the US. 



ifeFC® S«TlSllSSn ^ TOMOO. 
minister of State at toe. ffw, Mttfria* a - w«uh 


virtual veto. Lord Ch fU font, 
minister of State at foe. FCO, 
actually forecast tbit foe dis- 
cussions “were KkeJy to enter 


aptly entitled A Wealth of 
wisdom. Norman Wisdom’s, 
failing, 1 used to think, was his 


richer. It is not disillusioned paintings from a vex; different 


with its buys — it just cannot 
fit all foe compositions into its 


Unction ud interest of. Michael 


Oku No. 669 . and fo 

l RJR8, KxP; 2 R-KN8, 2C-N5; 

3 N-R5 dls Oh, KX either Nj. 4 
P-N4 mate. 


bis best*Wffiembered song 
3 Don’t laugh at me ’cos I'm a 
fooL” But he had bis fans, 
and they will be happy to hear 
him Hflfapg about nfcr life and 


fi. A. Young 


with a floor sculpture by Carl 
Andrtf, famous for his Tate 
bricks: this time he composed 
64 pieces of zinc — and they 
should sell for 850.000. 

Paintings by Kelly and Stella, 
along with works by Bacon, de 


“ The Tortoise and the Hare,” by Engen Osswald 


1956, Baron Lambert looked to 
the moderns to decorate his new 
premises, which became the 
leading centre in Brussels for 
contemporary art Now, changes 
at the bank have closed the 
paintings to public view, and 
the dispersal of a collection of 
over 200 works has begun. It 


corporate collection — that 
belonging to Baron Lambert 
of foe Basque Lambert in 
Brussels. Usually, modem art 
is favoured by thrusting young 


entrepreneurs, and American should fetch more than 820m 


modem art is favoured by 
patriots among them. But 
Banque Lambert was founded 
in 1830. 


and this will have proved a 
very good investment for foe 
bank. The paintings by Bacon 
(one of his “Popes"), de 


Video 


Blossoming 
of nostalgia 


However, when the old build- Kooning and Rothko could all 
tog was destroyed by fire In top foe 81m mark, and all eyes 


images too, but they are tiie 
strength of this early American 
expressionist piece, and Stein is 
determinedly loyal to it. In fact 
The Hairy Ape is virtually un- 
playable now in American, let 
alone in English, for its 
heightened-natural speech has 
dated horribly; German is a 
blessed solution. Something 
that is lost here is O’Neill’s 
vision of the overweening brute 
Yank as tragic hero; without 
his gut